[size=36]Oil falls as US dredgers increase and industrial slowdown slows[/size]
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Oil fell one percent on Monday after US companies raised the number of rigs for the first time this year in a sign that crude production may rise further while new indicators appeared on the economic slowdown in China 's second - largest oil consumer in the world.
US crude hit $ 53.13 a barrel by 0543 GMT, down 56 cents, or 1 percent, from the last settlement.
Brent crude was trading at 61.03 dollars a barrel, down 61 cents or 1 percent