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Oil falls as a result of the increase in US drilling and an industrial slowdown in China
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Oil prices fell 1 percent on Monday after US firms raised the number of rigs for the first time this year in a sign that crude production could rise further as new signs of economic slowdown appeared in China, the world's second-largest oil consumer.
US crude hit $ 53.13 a barrel by 0543 GMT, down 56 cents, or 1 percent, from the last settlement.
Brent crude was $ 61.03 a barrel, down 61 cents, or 1 percent.
In a sign that US production could rise, Baker Hughes said in its weekly report on Friday that US energy companies raised the number of drilling rigs looking for oil for the first time in 2019 to 862 diggers by adding 10 excavators.
Besides production, the key issue this year will be demand growth.
Oil consumption is steadily increasing and the average is likely to reach more than 100 million bpd for the first time ever in 2019, mainly due to China's consumption growth.
But the economic slowdown amid a trade dispute between Washington and Beijing is affecting the prospects for fuel demand growth.
China's industrial firms' profits fell for a second straight month in December as factory activity slowed to put pressure on the world's second-largest economy, the slowest pace since 1990.
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