Finance company, Oil prices fall as US drilling undermines OPEC's drive to tighten markets

Oil prices fell by 0.3 percent to USD 49.63 per barrel on Monday.

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Oil prices fell on Monday as a relentless rise in U.S. drilling undermined an OPEC-led push to tighten supply.

Trading activity will be subdued on Monday due to public holidays in China, United States and Britain.

Brent crude futures were trading down 15 cents, or 0.3 percent, at $52.00 per barrel at 0253 GMT.

U.S. West Texas Intermediate (WTI) crude futures were down 17 cents, or 0.3 percent, at $49.63 per barrel.