Oil falls as U.S. drilling offsets talk of an OPEC-led cut extension

Oil prices fell on Monday as rising U.S. drilling activity outweighed talks that an OPEC-led production cut initially due to end in mid-2017 may be extended.

 

Benchmark Brent crude futures eased 22 cents, or 0.4 %, from their last close to $50.58 per barrel by 0527 GMT.

In the United States, West Texas Intermediate (WTI) crude futures were down 32 cents, or 0.7 %, at $47.65 a barrel. 

Traders said that prices received some support from talks over the weekend between the Organization of the Petroleum Exporting Countries (OPEC) and other producers aimed at extending a production cut beyond the middle of the year in order to prop up the market.