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Oil falls as US production grows



Oil prices fell more than 1 percent on Monday, with record cuts to investors' bets on rising crude prices, after strong data from US oil drilling platforms fueled concerns about the effectiveness of OPEC-led output cuts to curb supply stalemate.
Global Brent crude <LCOc1> fell 60 cents to $ 51.16 a barrel by 9:34 GMT.


US WTI crude futures fell 71 cents to $ 48.07 a barrel.

US drilling companies added 14 diggers in the week ending March 17, bringing the total to 631 diggers, the largest since September 2015, Baker Hughes Energy Services said on Friday.

The recovery, which is expected to push oil production to record the biggest increase in six months in April, continues.

The growth of US production is raising concerns about the weak effect of the cut-off agreement between producers from within OPEC and beyond.

Adding to the negative sentiment in the market is the possibility of a rise in Libya's production, which was exempted from the supply reduction agreement.

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