Oil prices fall on rising U.S. and Russian supplies

LONDON, June 11: Oil prices fell on Monday, pulled down by rising Russian production and the highest U.S. drilling activity in more than three years. Analysts expect higher U.S. output to offset supply curbs by the Organization of the Petroleum Exporting Countries (OPEC), which have been in place for 18 months and have pushed up prices significantly over the past year. Benchmark Brent crude LCOc1 was down 65 cents at $75.81 a barrel by 1330 GMT. U.S. light crude CLc1 fell 60 cents to $65.14. The number of new rigs drilling for oil in the United States rose by one last week to 862, its highest since March 2015, data from energy services company Baker Hughes showed. [RIG/U] That suggests U.S. crude output, already at a record 10.8 million barrels per day (bpd), will climb further. (Agencies)