Oil slips on concerns U.S. production is rising

By Karolin Schaps LONDON (Reuters) - Oil fell on Monday as signs of growing U.S. production outweighed optimism that many other producers, including Russia, were sticking to a deal to cut supplies in a bid to bolster the market. U.S. crude futures were trading at $53.11 per barrel, down 88 cents. "We see the optimism surrounding OPEC and non-OPEC production cuts being counterbalanced by fears of higher U.S. crude production as the higher rig count of last Friday still weighs," said Hans van Clee