Singapore — Oil prices fell on Monday as increased drilling in the US pointed to more output, raising concern about a return of oversupply. US West Texas Intermediate (WTI) crude futures were at $62.02 a barrel at 3.50am GMT, down 32c, or 0.5%, from their previous close. Brent crude futures were at $65.85 a barrel, down 36c, or 0.5%. Monday’s price falls in part reversed increases last Friday, which came on the concern over tension in the Middle East. On a simple supply versus demand basis, however, oil markets are facing the possibility of a renewed glut after being in a slight deficit for much of last year. US drillers added four oil rigs in the week to March 16, bringing the total count to 800, the weekly Baker Hughes drilling report said on Friday. "Surging US production will hamper exponential growth in crude oil prices," Singapore-based brokerage Phillip Futures said on Monday. The US rig count, an early indicator of future output, is much higher than a year ago as energy comp...
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