| SINGAPORE, March 6
SINGAPORE, March 6 Oil prices slipped in Asian
trade on Monday, wiping out some of the gains of the previous
session amid ongoing concern over Russia's compliance with a
global deal to cut oil output.
Figures released last week showed Russia's February oil
output was unchanged from January at 11.11 million barrels per
day (bpd), energy ministry data showed, casting doubt on
Russia's moves to rein in output as part of a pact with oil
producers last year.
U.S. crude futures, also known as West Texas
Intermediate (WTI), fell 19 cents, or 0.3 percent, to $53.14 a
barrel as of 0109 GMT after closing the previous session up 1.4
Brent crude futures dropped 13 cents, or 0.2
percent, to $55.77 a barrel after settling 1.5 percent in the
Oil prices rose on Friday as the dollar weakened modestly
after a speech by U.S. Federal Reserve Chair Janet Yellen, which
suggested a rate increase would come at the end of its two-day
meeting on March 15.
A weaker dollar bolsters commodity prices, including oil.
While a rate hike would be supportive for the U.S. dollar,
analysts said a near-term hike was already largely priced in.
Crude oil prices were also supported by news of increasing
supply disruptions in the Middle East, ANZ said in a note on
That followed new doubts over Libya's attempts to revive its
oil production after an armed faction entered two major oil
ports on Friday, pushing back forces that captured and reopened
the terminals in September.
However, U.S. drilling figures undermined support for oil
prices. Baker Hughes reported an increase in the number of
drilling rigs added by U.S. drillers last week. The number rose
609, the highest since October 2015 and the seventh straight
week rig numbers have risen.
(Reporting by Keith Wallis; Editing by Richard Pullin)