* OPEC plans output cut to rein in global fuel supply
* Doubts about whether non-OPEC member Russia will join deal
* U.S. rig count keeps rising
By Henning Gloystein
SINGAPORE, Oct 10 Oil prices fell more than 1
percent in early trading on Monday over doubts that an OPEC-led
plan to cut output to rein in a global fuel supply overhang
would be supported by other producers, including Russia.
International Brent crude oil futures were trading
at $51.34 per barrel at 0001 GMT, down 0.59 cents, or 1.1
percent, from their last settlement.
U.S. West Texas Intermediate (WTI) crude futures were
down 57 cents, or 1.1 percent, at $49.24 a barrel.
ANZ bank said that prices were pulled down by a statement by
the Russian energy minister who said that "he was not expecting
to sign a production deal with OPEC at the World Energy
Conference, which starts this week in Istanbul."
Traders said prices were also under pressure from a rise in
the U.S. rig count, which implied that American oil producers
are willing to increase production again at price levels around
$50 per barrel.
"Since its trough on May 27, 2016, producers have added 112
(+35 percent) oil rigs in the U.S.," U.S. bank Goldman Sachs
said in a note.
Despite the weaker prices on Monday, analysts said they
expected slightly higher prices for the rest of the year and
Barclays bank said that it expected "stockdraws during the
upcoming winter season will support physical oil market
fundamentals, irrespective of any decision in November in
Vienna. We expect that prices will rise to the low $50 per
barrel range in Q4."
The British bank said that prices would receive support into
next year in part from firm U.S. gasoline demand.
(Reporting by Henning Gloystein; Editing by Richard Pullin)