SINGAPORE (Reuters) – Oil prices fell by around 1 percent on Monday as drilling activity in the United States, the world’s largest oil producer, picked up and financial markets were pulled down by trade concerns.

FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. REUTERS/Todd Korol/File Photo

A refinery fire in the U.S. state of Illinois, which resulted in the shutdown of a large crude distillation

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