Oil prices fall on U.S. drilling recovery

Oil prices fell Monday as the market feared U.S. drilling recovery would offset some of efforts from the Organization of the Petroleum Exporting Countries (OPEC) to ease global crude glut.

The West Texas Intermediate for March Delivery erased 0.47 U.S. dollars to settle at 52.75 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery decreased 0.26 dollars to close at 55.23 dollars a barrel on the London ICE Futures Exchange. Endit