Oil markets dipped on Wednesday as Chinese crude imports fell to their lowest level in a year, although traders said that overall markets remained well supported largely due to OPEC-lead supply cuts. Traders said the market was eyeing growing tensions in the Middle East with concern, keeping a cautious tone on trade.

Brent futures, the international benchmark for oil prices, were at $63.55 per barrel at 0434 GMT, down 14 cents, or 0.2 percent, but still not far off a near two-and-a-half year high of $64.65 a barrel reached earlier this week.

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