Oil prices fall as U.S. shale output growth gathers pace

By Dmitry ZhdannikovLONDON (Reuters) - Oil prices edged lower towards $64 per barrel on Monday on predictions of a major spike in U.S. oil output in the next five years.International benchmark Brent crude was down 21 cents, having shelved morning gains of around 0.6 percent, at $64.16 a barrel by 1319 GMT. The contract was well below this year's highs of over $71 per barrel that it hit in January.

U.S. West Texas Intermediate (WTI) crude was virtually flat at $61.23 per barrel.The International Energy Agency on Monday revised U.S. oil output.

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