Oil Prices Slip $1 On Concerns US Production Rising

Meanwhile, Russia cut its oil production in early January by around 100,000 barrels per day (bpd) from the previous month after an agreement with OPEC to cap global crude output, two sources from the energy sector told Reuters on Monday. U.S WTI crude oil futures fell 29 cents to trade at $53.70 per barrel during Monday's Asian session. West Texas Intermediate, the USA benchmark for the price of oil, in the February contract was up 0.25 percent to $52.09 per barrel. The December rig count, which serves as an indicator of the appetite to spend on exploration and production, showed dramatic increases in North America.

"There's concern about the rising USA rig count and what that will mean for production in the next few months", Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Mass., said by phone.

"Coordinated output cuts will support the market rebalancing that will draw down global stock levels, leading us to revise up our Brent crude forecast for 2017 to $57 per barrel", BMI Research said.

Kuwaiti oil official confirmed that his country who is a member of / OPEC /, reduced its crude production this month to about 2.707 million barrels.

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The average daily oil output in November 2016 in Libya amounted to 575,000 barrels, while in 2017 the country may increase the daily production up to 900,000 barrels, according to the NOC.

Still, that wasn't enough to revive prices after data from Baker Hughes Inc. on Friday showed that US drillers added rigs for the 10th straight week to the highest level in a year.

OPEC leader Saudi Arabia also respected the agreement, and reportedly cut production by at least 486,000 bpd to 10.058 million bpd, fully implementing the Vienna agreement in the first week of the year.

"We continue to hold the view that the fiscal economics of OPEC in particular will not allow for a prolonged low oil price environment", he said.

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The crude oil futures settle lower in trading today on the back of concerns about the efficacy of the crude oil cuts from OPEC and non-OPEC nations.

Crude oil prices started 2017 at an 18-month high, but have since failed to sustain that rally.

The weekly USA oil rig count rose by four to 529 on Friday, the highest level in just over a year, Baker Hughes said. While the sale was expected, it still means new supplies will hit the market, pressuring prices.

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