Investing.com - Crude oil fell on continuing oversupply woes and profit-taking on Monday, reversing from early gains that followed a surge at the end of last week on short-covering and fuel demand triggered by freezing weather in parts of the northern hemisphere.
Brent was down 3.09% to $31.85 a barrel by 11.49 GMT. U.S. crude fell 3.71% to $31.00 a barrel.
Oil prices soared about 10% on Friday, one of the biggest daily rallies ever, as bearish traders who had taken out record short positions scrambled to close them.
But fears about a global supply glut resurfaced Monday after Iraq said its oil production hit a record in December.
Seperately, Saudi oil giant Saudi Aramco has said it won’t cut investment in new production.
Also Monday, Indonesia's OPEC governor said that support among the organization for taking steps to prop up crude oil prices is slim, with only one OPEC country supporting an emergency meeting over the matter.