Oil prices dip after record surge in US output, rising supply from Russia

OPEC, together with some non-OPEC producers including Russia started withholding output in 2017 to end a global supply overhang and prop up prices

Oil prices fell on Monday, dragged down as US oil drilling activity rose to its highest level since March, 2015, while increasing output in Russia also weighed on the market.

Analysts expect surging US output to start offsetting efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to withhold production, which have been in place since 2017 and in the first half of this year pushed up prices significantly.

Brent crude futures, the international benchmark for oil prices, were at $76.37 per barrel at 0010 GMT, down 9 cents, or 0.1 percent, from their last close.

US West Texas Intermediate (WTI)