Mcx Crude Oil prices drop on anticipated climb in US production

Energy Oil prices drop in slight trade on Tuesday after the Easter holiday smash close many markets for as long as 4 days and as a U.S. government report showed increasing production.

Benchmark Brent crude futures were fall 9 cents at $55.27 at 0058 GMT. They closed a quiet session on Monday fall 53 cents at $55.36, after increasing the 3 previous weeks.

U.S. West Texas Intermediate (WTI) crude futures were also fall 9 cents at $52.56 a barrel. They settled fall 53 cents at $52.65 a barrel. The benchmark for U.S. oil had also up for 3 straight weeks through Thursday, before the Easter break.

U.S. shale production in May is expected to post the leading monthly increase in more than 2 years, government data demonstrated on Monday, as producers step up the pace of drilling with oil prices holding above $50 a barrel.

May output is anticipated to increase by 123,000 barrels/day to 5.19 million bpd, according to the U.S. Energy Information Administration's drilling productivity report.

If that is right, May would have the largest monthly boost since Feb. 2015 and the highest monthly production range since Nov. 2015.

More barrels could be on their way to market from U.S. shale fields as financial companies are investing billions in production, a Reuters analysis shows.

Any boost in output in the United States, now the globe’s 3th-biggest oil producer, would expected put pressure on the Organization of the Petroleum Exporting Countries (OPEC) - which agreed to curb output at the close of previous year - to reduce production further.

OPEC is due to meet on May 25 to weigh an extension of output reduces beyond June to alleviate a excess that has depressed prices for nearly 3 years.

Still, Saudi Arabia's energy minister has said it was too early to converse an extension.