Singapore — Oil prices fell by 1% on Monday as a higher US rig count unsettled markets amid nagging concern that output cuts, planned as part of concerted action between producer club Opec and Russia, might not be as big as initially anticipated. Brent crude futures were trading at $53.89 a barrel at 1.32am GMT, down 57c, or more than 1%, from their last close. West Texas Intermediate (WTI) crude futures were at $51.49 a barrel, down 52c, or 1%. Traders said price falls were triggered by rising production just after last week’s accord between Opec and non-Opec member Russia to cut output in 2017. The cuts aim to rein in a supply glut that has weighed on markets for more than two years. Meanwhile US energy firms extended drilling for new oil production into a seventh month last week, data from energy services firm Baker Hughes showed on Friday. "The US oil rig count continued its rally this week, up by three rigs.... Since its trough on May 27 2016, producers have added 161 oil rigs ...
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