Singapore Oil prices fell in Asia Monday on persistent concerns about the global supply glut, after the OPEC cartel indicated that it will not budge from its current lofty output levels, analysts said. US benchmark West Texas Intermediate for September fell 37 cents to $46.75 while Brent crude for September eased 45 cents to $51.76 in afternoon trade. Prices were facing downward pressure following "signs that top producers in the Middle East were continuing to pump at record levels despite a growing global glut", said Singapore´s United Overseas Bank in a market commentary. Oil prices dived on Friday after Abdullah El-Badri, secretary-general of the Organization of the Petroleum Exporting Countries, said the group would not cut output in response to lower prices. Speaking in Moscow on Thursday after meeting Russia´s energy minister, he said the cartel is "not ready" to cut production.
