Prices of oil dropped for a fifth consecutive day due to growing production from major exporters and increased dollar values.

Brent futures LCOc1 had dropped 25 cents to $48.10 a barrel, while US crude futures CLc1 dropped 15 cents to $47.93 a barrel, reported Reuters.

Oil production from Iraq reached 4.7 million barrels per day (bpd) while exports reached 3.9 million bpd, the state-run Iraqi Media Network reported.

"Iraq’s production is up and Iran talked about increasing to 2.2 million barrels per day."

CMC Markets chief market analyst Michael Hewson said: "Iraq’s production is up and Iran talked about increasing to 2.2 million barrels per day and there’s no way that OPEC is going to limit production rises.

OPEC exporter group plan to meet in June.

The April meeting of oil producers was a failure as Saudi Arabia demanded that Iran participate.