Increased Iraqi oil production falling prices

Oil prices fell, on Monday morning, with higher production from Iraq and Iran 's announcement it would not cooperate in the upcoming talks between oil - producing countries to freeze production, unless the Petroleum Exporting Countries has recognized its right to the full restoration of market share.
Prices of futures contracts for Brent International fell 38 cents from its previous close of $ 49.54 a barrel level at 0043 hours GMT.
It fell futures contract ore prices of West Texas Intermediate US 43 cents to $ 47.21 a barrel, according to Reuters.
Traders said that the fall in prices was the result of higher production from the Middle East, where the average oil exports from Iraq 's southern ports of 3.205 million barrels per day in August, surpassing the average level experienced by these exports in July amounted to 3.202 million barrels per day.