WTI oil prices declined by 0.8 percent on Monday to close at $49.9 per barrel weighed by oversupply concerns, with a spike in trade volume driving U.S prices below $50, but losses were limited amid a projected drop in American shale output.U.S. Energy Information Administration (EIA) showed shale oil production was expected to fall by 30,000 barrels per day (bdp) in November.WTI was still under pressure from a report on Friday by oil services provider Baker Hughes, which showed U.S. drillers added four rigs in the week to Oct. 14.On the MCX, oil prices declined by 0.5 percent to close at Rs.3323 per barrel.
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