Oil prices fell early on Monday, weighed down by high supplies despite an OPEC-led initiative to cut production to tighten the market. Signs of faltering demand stoked weak sentiment, prompting price levels comparable to when the output cuts were first announced late last year. Brent crude futures LCOc1 were down 11 cents, or 0.23 percent, at $47.26 per barrel at 0035 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 11 cents, or 0.25 percent, at $44.63 per barrel. Prices for both benchmarks are down by almost 13 percent since late May, when producers led by the Organization of the Petroleum Exporting Countries (OPEC) extended their pledge to cut production by 1.8 million barrels per day (bpd) by an extra nine months until the end of the first quarter of 2018. Traders said that the main factor driving the low prices was a steady rise in U.S. […]