Increased drilling sends US oil prices down
But expectations of an extension of an Opec-led supply cut this week support global markets
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US oil prices dipped on Monday, easing from two-year highs on the prospect of increased US output, although global markets were slightly better supported by expectations that an Opec-led supply cut will be extended.
US West Texas Intermediate (WTI) crude futures were at US$58.65 a barrel at 0252 GMT, down 30 cents, or 0.5 per cent, from their last settlement. Brent crude futures fell just 13 cents or 0.2 per cent to US$63.73 a barrel.
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