Crude oil prices dipped Monday morning, trimming recent gains after Saudi Arabia again refrained from curbing production despite massive global stockpiles.
Saudi Arabia and OPEC have stubbornly kept output at record highs, hoping a price war can push North American shale producers out of the market.
Crude oil for May was down 74 cents at $55 a barrel, having moved well away from a 6-year low near $44 in the past few weeks.
Saudi Oil Minister Ali al-Naimi said production would stay around 10 million barrels per day (bpd) in April, according to Reuters.
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