Oil prices dipped on Wednesday, with Brent crude futures failing to find support at $50 per barrel, as global fuel markets remained oversupplied, although rising tension in the Middle East and falling U.S. inventories lent some support. Brent crude futures LCOc1 were trading at $49.94 per barrel at 0041 GMT, down 18 cents, or 0.4 percent, from their last close. Brent is almost 8 percent below it levels on May 25, when an OPEC-led policy to cut oil output was extended to cover the first quarter of 2018. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.98 per barrel, down 21 cents, or 0.4 percent, from their previous close, and down over 6 percent from May 25. Traders said an ongoing fuel supply overhang was keeping prices under pressure despite a pledge led […]