Oil prices under pressure from rise in U.S. drilling rigs

Oil prices edged lower on Monday as rising U.S. drilling activity pointed to a further increase in American production, countering OPEC-led output cuts. Brent crude futures, the international benchmark for oil prices, were 10 cents lower at $63.30 a barrel by 1115 GMT. U.S. West Texas Intermediate (WTI) crude futures were at $57.10 a barrel, down 26 cents from their last settlement.