Oil prices dipped in early Asian trade on Monday as rising production in the Middle East outweighed falling U.S. output and the recent slide in the dollar, which has been supporting crude.
Brent futures were trading at $47.05 (32 pounds) per barrel at 0028 GMT on Monday, down 32 cents from their last settlement. U.S. crude was down 28 cents at $45.64 a barrel.
Analysts said rising output from the Organization of the Petroleum Exporting Countries (OPEC) and especially the Middle East was outweighing supportive factors such as an ongoing, albeit slow, fall in U.S. output and a sliding dollar, which makes it cheaper for countries using other currencies to import dollar-traded fuel. Read more