SINGAPORE: Oil prices fell on Monday after U.S. oil drillers added rigs to look for new production as producers adapt to cheaper crude, and speculators cut positions betting on further price rises.Brent crude futures were trading at $47.58 per barrel at 0041 GMT, down 43 cents, or 0.9 percent, from their last settlement.U.S. West Texas Intermediate futures were down 50 cents, or 1.1 percent, at $45.38 a barrel.Traders said the price falls on Monday and Friday were a result of increasing oil drilling activity in the United States, which indicated that producers can operate profitably around current levels. "Each dollar is being used far more efficiently and, as a result, $50 oil appears much more palatable," Barclays bank said in a note to clients.U.S. drillers added oil rigs for a 10th week in the past 11, according to a Baker Hughes rig count report on Friday. "Producers and service companies... are well positioned to return to growth mode at much lower prices," Barclays said.- Reuters

Source: The Star September 12, 2016 00:45 UTC