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.
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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."
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Iran’s Deputy Oil Minister Rokneddin Javadi told Iran’s Mehr news agency that the country did not plan to freeze output.
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By GlobalDataThe 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.
