Oil prices edged up on Monday, supported by statements from oil producers over the weekend that an output cut was being successfully implemented, but markets were held back by a surge in drilling that suggested U.S. production would rise further. Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $55.57 per barrel at 0016 GMT, up 8 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 8 cents at $53.30 a barrel. “Oil rallied strongly as oil producers met to discuss the adherence to the production cut agreement. Saudi Arabian Energy Minister Khalid al-Falih said that producers have cut 1.5 million barrel per day so far in 2017,” ANZ bank said on Monday. “Prices reversed these gains after data showed another pickup in drilling activity,” it added. U.S. […]