Oil falls 3 percent on swelling oversupply | Reuters:
"Oil prices fell 3 percent on Monday as Iraq announced record-high oil production feeding into a heavily oversupplied market, wiping out much of the gains made in one of the biggest-ever daily rallies last week.
Brent crude LCOc1, the global benchmark, was down 93 cents at $31.25 a barrel at 0955 GMT, losing 3 percent from its closing price on Friday, when Brent surged 10 percent.
U.S. crude CLc1 traded $1.02 lower at $31.17 a barrel.
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