Oil prices fall as Iranian crude tanker exports surge, U.S. adds more rigs
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.