(MENAFN) Oil fell more than USD1 a barrel to below USD56 on Monday as a rise in US drilling and higher Opec output put the brakes on a rally that helped prices to register their biggest third-quarter gain in 13 years.
Iraq announced its exports rose slightly in September while Opec overall boosted output, according to survey by Reuters.
Drillers added six oil rigs in the week to September 29, bringing the total count up to 750, General Electric Co's Baker Hughes energy services firm reported on Friday.
Energy market analyst at CHS Hedging, John Tjornehoj, said, "We've seen them add rigs for the first time in seven weeks, so that changes sentiment as well".
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