Brent crude oil prices fell around 5 percent from their early January peak as rising U.S. drilling activity offset efforts by OPEC and other producers to cut output in an effort to prop up the market. Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $55.25 per barrel at 0112 GMT, virtually unchanged from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $52.58 a barrel, down 5 cents from their previous settlement. However, Brent sagged over 5 percent since its peak in early January and WTI is down over 2.5 percent, reflecting a sentiment that efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to cut output by almost 1.8 barrel per day (bpd) in order to end overproduction were […]