Oil prices fell on Monday as increased exports from Iran undermined efforts by other oil producers to curb a global fuel supply overhang and as U.S. drillers increased activity for a 10th straight week.
Brent crude futures LCOc1 were trading at $56.70 per barrel at 0745 GMT (2.45 a.m. ET), down 40 cents, or 0.7 percent, from their previous close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $53.59 per barrel, down 40 cents, or 0.74 percent.
