Oil prices dipped on Monday in Asia as weakening demand weighed on markets, although U.S. futures received some support from reduced American drilling. Front-month Brent crude futures were down 29 cents at $47.85 per barrel at 0649 GMT, although U.S. crude futures were at $44.62, nearly flat with their last settlement. The U.S. oil rig count fell by 10 to 652 last week, the second straight weekly drop, while reserves at its main oil storage site in Cushing, Oklahoma, have fallen five of the past seven weeks, pushing U.S. physical crude into multi-year record premiums over futures prices.