Oil prices recovered some lost ground on Monday after big losses last week, driven by expectations that OPEC will extend output cuts till the end of 2017, although a relentless rise in U.S. drilling capped gains. Brent crude futures LCOc1 rose 54 cents by 0920 GMT to $52.50 per barrel. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 added 49 cents to reach $50.11 a barrel. Oil prices fell steeply last week on the back of stubbornly high crude supplies, despite a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and some other producers to cut production by almost 1.8 million barrels per day (bpd) for six months from Jan. 1 to support the market. But prices on Monday received a respite after a panel of OPEC and […]