Oil markets edged lower on Monday as ongoing output cuts led by OPEC were countered by rising U.S. drilling activity that points to a further increase in American production. Brent crude futures LCOc1, the international benchmark for oil prices, were 15 cents lower at $63.25 a barrel at 0950 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $57.03 a barrel, down 33 cents from their last settlement. Both Brent and WTI crude oil settled more than 1 percent higher on Friday, and oil prices have gained well over a third in value from their 2017 lows. “It’s time for a breather,” said Warren Patterson, commodities strategist with ING. The gains are largely due to production cuts by the Organization of […]