Singapore:Oil prices fell on Monday as increased drilling in the United States pointed to more output, raising concerns about a return of oversupply.
U.S. West Texas Intermediate (WTI) crude futures were at $62.14 a barrel at 0739 GMT, down 20 cents, or 0.3 percent, from their previous close. Brent crude futures were at $65.99 per barrel, down 22 cents, or 0.3 percent.
Monday´s price falls in part reversed increases last Friday, which came on concerns over tensions in the Middle East.
On a simple supply versus demand basis, however, oil markets are facing the possibility of a renewed glut after being in a slight deficit for much of last year.
U.S. drillers added four oil rigs in the week to March 16, bringing the total count to 800, the weekly Baker Hughes drilling report said on Friday.
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