Global oil prices skid on high US crude production, economic slowdown

China hopes fiscal stimulus can stem an economic slowdown

Oil prices fell on Monday after US energy firms added rigs for the first time this year in a sign that crude production there will rise further.

US spot crude oil futures were at $53.37 per barrel at 0027 GMT, down 32 cents, or 0.6 per cent, from their last settlement.

International Brent crude oil futures were at $61.37 a barrel, down 27 cents, or 0.4 per cent.

Analysts said high US crude oil production, which hit a record 11.9 million barrels per day (bpd) late last year, was weighing on oil markets.

In a sign that output could rise further, US energy firms