Oil prices fell one per cent yesterday as signs of a strong recovery in US oil drilling activity outweighed news that Opec and non-Opec producers were on track to meet output reduction goals set in December. Global benchmark Brent crude prices were down 53 cents to $54.96 a barrel at 1026 GMT, while US West Texas Intermediate (WTI) crude futures traded at $52.61 a barrel, down 61 cents, or 1.1 per cent, on Friday's close. Ministers representing members of the Organisation of the Petroleum Exporting Countries (Opec) and non-Opec producers said at a meeting on Sunday that of almost 1.8 million barrels per day (bpd) they had agreed to be taken out of the market, 1.5 million bpd had already gone. "A lot of this is already priced in and the US rig count keeps rising and gathering pace," said Carsten Fritsch, commodities analyst at Commerzbank in Frankfurt. US drillers added most rigs in nearly four years last week, data from energy services firm Baker Hughes showed on Friday. This extends an eight-month drilling recovery and is supporting signs that US production will continue to rise strongly just as other producers are cutting output. "Baker Hughes said that 35 new rigs were...
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