(MENAFN) Oil prices fell early on Monday as Iraq said it wanted to be exempt from any deal by producer cartel OPEC to cut production to prop up the market.
In detail, Brent crude futures LCOc1 were trading at USD51.59 per barrel at 0133 GMT, down 19 cents, or 0.4 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude was down 22 cents, or 0.4 percent, at USD 50.63 a barrel.
Traders said the price falls followed comments from Iraq, which said it wanted to be exempt from a production cut by OPEC.
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