Oil prices drop as concerns over global fuel glut re-emerge

By Henning Gloystein SINGAPORE (Reuters) - Oil prices fell more than a percent on Wednesday as a report showing a surge in U.S. crude stocks, rising production in Nigeria and squabbling among producers about a planned output cut re-ignited concerns about a global supply glut. Brent crude futures were down 61 cents, or 1.20 percent, at $50.18 a barrel as of 0417 GMT. "Crude is on the defensive this morning following American Petroleum Institute (API) inventory numbers showing a rise of 4.8 millio