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Oil prices fall on further rise in US drilling, signs of slowing demand

Oil prices fall on further rise in US drilling, signs of slowing demand

Oil prices fell early on Monday, weighed down by high supplies despite an OPEC-led initiative to cut production to tighten the market. U.S. West Texas Intermediate (WTI) crude futures (CLc1) were down 11 cents, or 0.25 percent, at $44.63 per barrel. Prices for both benchmarks are down by almost 13 percent since late May, when producers led by the Organization of the Petroleum Exporting Countries (OPEC) extended their pledge to cut production by 1.8 million barrels per day (bpd) by an extra nine months until the end of the first quarter of 2018.


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