Oil Prices Edge Lower Amid Uptick in U.S. Shale Production

 Crude prices started the week on the backfoot on Monday, amid worries that rising U.S. shale output would dampen OPEC’s efforts to rid the market of excess supplies.

U.S. West Texas Intermediate (WTI) crude futures lost 48 cents, or about 0.8%, to $57.88 a barrel by 5:50AM ET (1050GMT).

Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., were at $63.35 a barrel, down 38 cents, or 0.6%, from their last close.

Brent marked a climb of about 0.4%, while WTI lost 1% last week.

U.S. energy companies added two oil rigs in the week to Dec. 1, bringing the total count up to 749, the highest since September, General Electric (NYSE:GE)’s Baker Hughes energy services firm said in its closely followed report on Friday.