US crude fell 36 cents to $ 46.76 a barrel, after reaching its lowest level in four months at $ 46.35.
BAGHDAD / Obelisk: Oil prices continued to decline on Monday, due to concerns of oversupply, at a time when OPEC production reached record levels in July, while weak Chinese data raised fears of slower growth in the second-largest oil consumer in the world.
Saudi Arabia has shown and other members of the OPEC sign of a fluctuation in their focus on defending their market share, rather than prices, at a time when OPEC production reached its highest monthly level in modern history in July, according to a survey of the agency "Reuters".
The absence of a plan by OPEC to accommodate the return of more Iranian oil concerns about the supply of oil.
He said Iranian Oil Minister Bijan Zanganeh said in remarks broadcast on Sunday that Iran is expected to increase the production of 500 thousand barrels per day immediately after the lifting of sanctions, and one million barrels per day within months.
The price fell Brent 44 cents to $ 51.77 a barrel at 02:13 GMT.
And US crude fell 36 cents to $ 46.76 a barrel, after reaching its lowest level in four months at $ 46.35.
And it landed the nearest month maturity 20.8 percent rate in July, the largest monthly decline since October 2008.
And an official survey showed on Saturday stunted growth in China's large manufacturing sector unexpectedly in July companies, after falling demand at home and abroad to be added to the fears of a decline in Chinese stock markets witnessed in recent times.
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