West TX Oil Below $48 as U.S. Rig Count Rises

Oil prices slipped lower in early Asian trade on Monday after closing the previous session at their lowest level since March on renewed oversupply concerns after data showed U.S. drilling activity increased last week.

U.S. oil producers added 21 oil rigs last week, the biggest rise since April 2014, oil services company Baker Hughes said in on Friday.

That was despite a 21 percent collapse in U.S. crude prices since mid-June when prices hit $61 a barrel on June 23 leading U.S. oil prices to enter a bear market. A 20 percent downturn is considered by many traders to constitute a bear market.