Investing.com – Oil was sharply lower Monday on doubts about a supply freeze accord and as the dollar strengthened.
Brent crude lost the $50 mark. It was down $1.44, or 2.83%, at $49.44 at 06:30 ET.
U.S. crude was down $1.24, or 2.52%, at $47.87.
Skepticism about OPEC producers reaching an agreement to curb output at informal meeting in September prevailed.
Reports Iraq is aiming to boost exports and a jump in Chinese exports of refined fuel products highlighted glut concerns.
The number of oil rigs operating in the U.S. also increased for the eighth week in a row.
Baker Hughes data released Friday showed the U.S. rig count up 10 in the latest week to 406.
The dollar index was up 0.2% as U.S. rate hike talk was refueled by hawkish comments by Federal Reserve vice chair Stanley Fischer.
A stronger dollar weakens demand for oil.