Oil falls

U.S. oil prices dipped on Monday, easing from two-year highs on the prospect of increased U.S. output, although global markets were slightly better supported by expectations an OPEC-led supply cut would be extended.
U.S. West Texas Intermediate (WTI) crude futures were at $58.72 a barrel at 0608 GMT, down 23 cents, or 0.4 percent, from their last settlement.
Brent crude futures were at $63.85 a barrel, virtually unchanged from their last close.
U.S. crude production has risen by 15 percent since mid-2016 to 9.66 million barrels per day (bpd), not far from top producers Russia and Saudi Arabia, and increasing drilling activity for new production means output is expected to grow further, traders said. U.S. energy companies last week added oil rigs, with the monthly rig count rising for the first time since July, to 747 active rigs, as producers are attracted by climbing crude prices.