Oil futures fell 1% in Asian trading on Friday, extending a late-day selloff in the U.S. amid concerns about rising oil production. Data on Thursday showed average daily U.S. output rebounded toward recent record highs last week, while December’s average among the Organization of the Petroleum Exporting Countries edged higher from November. With oil prices hitting a series of three-year highs recently, “the market is concerned about further rapid response from U.S. producers,” said Michael McCarthy, chief market strategist at CMC Markets. February light, sweet crude on the New York Mercantile Exchange was recently down 1.2% at $63.19 a barrel in the Globex trading session. March Brent fell 1% to $68.61. “I think over the next month or so the weak patch in consumption will open up the prospect of a pullback in prices,” said […]