Singapore — Oil prices fell on Monday as a relentless rise in US drilling undermined an Opec-led push to tighten supply.Trading activity will be subdued on Monday due to public holidays in China, the US and Britain.Brent crude futures were trading down 15c, or 0.3%, at $52 a barrel at 2.53am GMT.US West Texas Intermediate (WTI) crude futures were down 17c, or 0.3%, at $49.63 a barrel.Oil cartel Opec and some non-Opec producers agreed last week to extend a pledge to cut production by about 1.8-million barrels a day until the end of the first quarter of 2018. But the decision did not go as far as many investors had hoped and led to a heavy sell-off.An initial agreement, in place since January, would have expired in June 2017."The immediate market reaction to the May 25 Opec decision is indicative of the weaker than expected impact production cuts had on bloated global crude stocks over [the first half of] 2017," BMI Research said in a note.Despite the ongoing cuts, oil prices have not...
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