Oil drops

Singapore

Oil prices fell on Monday, pulled down by rising U.S. drilling activity and by doubts whether an OPEC-led production cut initially due to end in mid-2017 would be extended.

Benchmark Brent crude futures fell by 33 cents, or 0.65 percent, from their last close to $50.47 per barrel by 0653 GMT.

In the United States, West Texas Intermediate (WTI) crude futures were down 41 cents, or 0.85 percent, at $47.56 a barrel.

Traders said that prices were pulled down by rising U.S. drilling and production as well as over uncertainty whether the Organization of the Petroleum Exporting Countries (OPEC) and other producers, who met in Kuwait over the weekend, would extend output cuts beyond the middle of the year.

“There is currently no shortage of crude oil the fact that shale oil is going to burgeon is also painfully evident,” said Sukrit Vijayakar, director of energy consultancy Trifecta.