Oil prices dipped on Thursday after US inventories swelled to their highest level since December adding to concerns about a global crude glut but OPEC talk of an output cut limited losses.

Benchmark Brent had fallen 10 cents to $63.32 a barrel by 1447 GMT, recovering from a more than $1 drop in early European trading. US WTI fell more than a $1 before easing back to trade down 28 cents at $54.35.

But prices remain under pressure from rising US crude inventories, which climbed by 4.9 million barrels to 446.91 million barrels last week, their highest since December, the US Energy Information Administration (EIA) said. US crude oil production also stayed at a record 11.7 million barrels per day (bpd), the EIA said.

The Organization of the Petroleum Exporting Countries is worried about the emergence of a glut. But OPEC's biggest exporter Saudi Arabia is under US pressure not to take any action on cutting output that would push prices higher again.

“Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy!... Thank you to Saudi Arabia, but let's go lower!” US President Donald Trump tweeted on Wednesday.

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