Oil prices fell early on Monday as Iran increased exports undermining efforts by other oil producers to curb a global fuel supply overhang and as U.S. drillers increased activity for a 10th week, Reuters reported.
Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $56.97 per barrel at 0019 GMT, down 13 cents from their last close.
U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $53.79 per barrel, down 20 cents.
Traders said that the lower prices were a result of rising exports from Iran that come just as other members of the Organization of the Petroleum Exporting Countries (OPEC) cut supplies in an effort to end a global glut.