Oil prices dipped on Monday as rising U.S. drilling activity outweighed talks that an OPEC-led production cut initially due to end in mid-2017 may be extended. Prices for front-month Brent crude futures LCOc1, the international benchmark for oil, eased 7 cents from their last close to $50.73 per barrel by 0145 GMT. In the United States, West Texas Intermediate (WTI) crude futures CLc1 were down 14 cents at $47.83 a barrel. Traders said that prices received some support from talks over the weekend between the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, aimed at extending a production cut beyond the middle of the year in order to prop up the market. “OPEC and non-OPEC decided to get ahead of the game this weekend, announcing they are reviewing whether the output […]