Oil prices dipped on Wednesday after gaining more than a percent in the previous session, but trading was thin as several Asian countries started the Lunar New Year holidays which last for the rest of the week.
Analysts said that the drop was a reaction to soaring prices over the past two weeks, which many say was overblown.
Benchmark Brent crude futures were down 29 cents at $62.24 a barrel by 0520 GMT (12.20 a.m. EST), while U.S. WTI crude was at $53.24 a barrel, also down 29 cents.
ANZ bank said on Wednesday that U.S. crude inventories were at a 417.9 million barrels and that it expected "inventories to increase further in the near term as U.S. refinery outages weaken US crude demand."
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