Oil Prices Slip on Rise in US Drilling

Oil prices fell on Monday, pulled down by a rising rig count in the United States, a strong dollar and record OPEC-output which comes amid slowing global economic growth that could erode fuel demand. US West Texas Intermediate (WTI) crude oil futures were trading at $50.20 per barrel, down 15 cents from their last settlement. 

    Traders said that WTI was pulled down by another rise in US oil drilling activity. Brent was also weighed by fresh production records from the Organization of the Petroleum Exporting Countries (OPEC), which pumped out a record 33.6 million barrels of crude oil per day in September. 

    A report by oil services provider Baker Hughes showed US drillers added four rigs in the week to Oct. 14. It was the 16th week in a row that oil drillers had gone without making cuts, indicating more production to come