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. 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. U.S. crude prices are now $9 a barrel cheaper than internationally traded Brent futures, their biggest discount since August last year.