Oil prices dipped on Monday as soaring North American production was seen undermining efforts led by OPEC and Russia to tighten supplies. Despite this, traders said overall market conditions remained strong due to the production cuts and healthy demand-growth. Brent crude futures held above $70 per barrel, but were down by 19 cents from their last close at $70.34 a barrel at 0749 GMT. U.S. West Texas Intermediate (WTI) crude futures were at $66.19 a barrel, up 5 cents. Despite generally bullish sentiment, analysts said the market was coming under pressure from rising output in North America. U.S. crude production has grown by over 17 percent since mid-2016 to 9.88 million barrels per day (bpd) in mid-January. Output is expected to break through 10 million bpd soon. U.S. energy companies added 12 oil rigs drilling for new production last week, taking the total to 759, General […]