Oil prices fell on U.S. drilling recovery

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

U.S. drillers added the most rigs in nearly four years last week, data from oilfield services company Baker Hughes showed on Friday, extending an eight-month drilling recovery.

Analysts said a rising rig count will weigh on the market and investors fear a further increasing price will stimulate more drilling activity, which will result in raising production. If that is the case, the output cuts commitment made by OPEC members and non-OPEC oil producers might not suffice to eliminate the glut.

The West Texas Intermediate for March Delivery erased 0.47 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. Enditem