Brent oil prices have dropped after Iran stated that it does not plan to freeze crude oil production.
Data released last week indicated that a number of rigs operated by drillers in the US remained steady after an almost two-year drop in the rig count.
The price of global benchmark Brent futures LCOc1 dropped $0.41 to $48.31 a barrel.
US crude futures CLc1 was priced at $47.91 a barrel, a reduction of $0.50.
Stuttgart-based Landesbank Baden-Wuerttemberg oil analyst Frank Klumpp was quoted by Reuters as saying: "Stagnating rig counts and comments from Iranian officials show that the way up for the oil prices may come to an end now."
Iran’s Deputy Oil Minister Rokneddin Javadi told Iran’s Mehr news agency that the country did not plan to freeze output.
The country’s crude exports, excluding gas condensates, stood at two million barrels per day (bpd) and will touch 2.2 million bpd by mid-2016.