Investing.com – Oil was sharply lower Monday as hopes of an agreement among major producers to curb output faded.
U.S. crude was down 64 cents, or 1.34%, at $47.00 at 07:30 ET, while Brent crude lost 1.42% to $49.44.
Saudi Arabia has said it sees no need for major intervention to restore the balance between supply and demand.
Iraqi output has also risen, while Iran wants to restore its market share after the lifting of sanctions.
OPEC members are due to hold an informal meeting in Algeria next month.
Baker Hughes figures Friday saw no change in the number of rigs operating in the U.S.
The dollar was higher after upbeat remarks by U.S. Federal Reserve members on Friday.
A higher dollar depresses demand for oil.