Oil drops on rising U.S. drilling, steady OPEC supply | Reuters
Oil drops on rising U.S. drilling, steady OPEC supply
Oil prices fell on Monday, with already-bloated markets pressured by rising U.S. drilling activity and steady supplies from OPEC countries despite touted production cuts.
As of 0800 GMT, prices for benchmark Brent crude futures were down 34 cents, or 0.66 percent, at $51.42 per barrel.
U.S. West Texas Intermediate (WTI) crude futures slipped 48 cents, or 0.98 percent, to $48.30 a barrel.
Traders said that prices came under pressure from rising U.S. drilling........