Oil prices fell early on Monday, pulled down by a rising rig count in the United States, record OPEC-output, and slowing global economic growth which could erode fuel demand.
U.S. West Texas Intermediate (WTI) crude oil futures were trading at $50.03 per barrel at 0030, down 32 cents from their last settlement.
Traders said that WTI was pulled down by another rise in U.S. oil drilling activity.
