Oil prices fall on latest rise in U.S. drilling

U.S. West Texas Intermediate (WTI) crude oil futures were trading at $50.03 per barrel at 0030, down 32 cents from their last settlement. It was the 16th week in a row that oil drillers had gone without making cuts, indicating more production to come. Traders said Brent was being weighed by fresh production records from the Organization of the Petroleum Exporting Countries (OPEC), which pumped out a record 33.6 million barrels of crude oil per day in September .