Iraq wants to be exempted from Opec production cuts
Traders said the price falls followed comments from Iraq, which said it wanted to be exempt from a production cut
Oil production from OPEC nations hit a record last month, although members have agreed to come up with a plan to reduce it
Venezuela's concerns are because of collapsing oil prices
The dollar rose to its highest level since March against a basket of other leading currencies on Friday
International Brent crude oil futures were up 3 cents at $51.41 per barrel
The OPEC plans to meet on November 30 and hopes to decide on a half a million to one million barrels per day oil production cut
US West Texas Intermediate crude was up 40 cents, or 0.8 per cent, at $50.34 a barrel
A drop in the dollar away from seven-month highs the previous day also supported crude
Despite Monday's falls, analysts said that traders were cautious about driving the market much further down
A closely watched report on Friday by oil services provider Baker Hughes showed US drillers added four rigs in the week to Oct 14
Crude and gas producers to gain, with oil up 18 per cent since January
But, doubts over the feasibility of a planned production cut still weighed on markets
The US Energy Information Administration reported a drop of 3.7 million barrels for distillates late on Thursday
OPEC on Wednesday reported its oil production climbed in September to the highest in at least eight years
OPEC on Wednesday reported its oil production climbed in September to the highest in at least eight years
IEA said the oil price has risen by 15% since the announcement of OPEC's agreement to cut output on Sept 28
World oil demand to grow at a rate of 1.2 million bpd next year, IEA said
Dudley was speaking at the World Energy Congress in Istanbul
Goldman Sachs said that despite a production cut becoming a 'greater possibility', markets were unlikely to rebalance in 2017