Oil prices fall on rise in U.S. drilling, strong dollar

U.S. West Texas Intermediate (WTI) crude oil futures were trading at $50.16 per barrel at 0115, down 19 cents from their last settlement. Traders said that a seven-month high of the dollar against a basket of other leading currencies , which was due to an expected hike in U.S. interest rates later this year, was also weighing on crude prices.