Oil prices on the mend after weekly drop of 7%

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Oil prices rose during Asia morning trading on Monday after falling by 7 per cent last week in the face of mounting concerns that increased US shale production would undermine moves by Opec to reduce excess stockpiles.

Global benchmark Brent was up 0.4 per cent at $52.19 a barrel after falling 2 per cent on Friday to $59.16. US marker West Texas Intermediate was up 0.4 per cent at $49.82 a barrel, having slipped 2.2 per cent to $49.62 a barrel on Friday.

Data from US drilling company Baker Hughes showed on Friday US drillers added oil rigs for a 14th consecutive week, bringing the total count to 688.

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