Oil Dips As Rising US Drilling Offsets Talk Of An OPEC Led Cut Extension

Oil prices dipped 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.
Prices for front-month Brent crude futures, the international benchmark for oil, eased 7 cents from their last close to $50.73 per barrel by 0145 GMT.
In the United States, West Texas Intermediate crude futures were down 14 cents at $47.83 a barrel.
Traders said that prices received some support from talks over the weekend between the Organization of the Petroleum Exporting Countries and other producers, including Russia, aimed at extending a production cut beyond the middle of the year in order to prop up the market.

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