Oil prices have fallen after Iraq refused to participate in the deal proposed by the Organisation of the Petroleum Exporting Countries (OPEC) to freeze production.

Brent crude futures were down ten cents from their last close at $51.68 per barrel, while the US West Texas Intermediate (WTI) crude edged down 18 cents at $50.67 a barrel, Reuters reported.

According to traders, the decline in oil price was due to comments from Iraq, which said it does not want to join production cut deal by the cartel, which will be decided at the meeting to be held on 30 November this year.

"Oil prices also fell due to an increase in US oil rig numbers by 11 last week and ongoing dollar strength."

OPEC plans to cut production to a range of 32.50 million to 33 million barrels per day (bpd).

In case Iraq does not participate, the production cut cannot be achieved.

ANZ bank told the news agency: "Comments by Iraq over the weekend that it may not join the OPEC agreement to cut production could see oil prices come under pressure in today's session."

Oil prices also fell due to an increase in US oil rig numbers by 11 last week and ongoing strength in the dollar.

On the demand side, Japan's crude imports slipped 4.6% last month from the same month a year earlier, to 3.27 million bpd, official data revealed.