Oil prices fall on rising US rig count

New York: Oil prices fell on Monday as signs of rising US crude output continued to weigh on prices.

The US rig count last week was up 8 to 591, Xinhua news agency cited data released by oilfield service company Baker Hughes.

Analysts said the investors are very concerned about increasing US drilling activity, as it would give rise to US oil production and offset some of output cut efforts from the Organisation of the Petroleum Exporting Countries.

The West Texas Intermediate for March Delivery erased $0.93 dollars to settle at $52.93 a barrel on the New York Mercantile Exchange, while Brent crude for April delivery decreased $1.11 to close at $55.59 a barrel on the London ICE Futures Exchange.