Oil prices widen losses on U.S. production outlook

Oil prices widened their losses in European trade on Monday under pressure from higher U.S. oil rig count, which points at increased shale production.
 
As of 12:45 GMT, U.S. crude fell to $52.50 a barrel from the opening of $53.30, with an intraday high at $53.45, and a low at $52.33.
 
Brent crude fell to $54.90 a barrel from the opening of $55.55, with a session-high at $55.73, and a low at $54.64.
 
U.S. crude March futures rose 2% on Friday, the first gain in four days, while Brent March futures gained 2.3% as most dollar-denominated commodity futures rose.
 
Baker Hughes reported a rise of 29 rigs in the U.S. oil rig count to a total of 551 rigs, the highest since the week ending November 25, 2015.
 
The data bolstered the outlook of increase U.S. shale production, as companies benefit from a surge in oil prices to 18-month highs.
 
The EIA forecast last week an increase in U.S. shale production in February, the first such increase in four months, as producers ramp up their digging activities.