Investing.com - Oil prices fell on Monday as rising production in the Middle East outweighed a decline in the U.S. output and a sliding dollar, while Morgan Stanley (NYSE:MS) warned that an emerging gasoline glut could also spill back into crude markets.
Brent was trading at $46.80 per barrel at 09:33 GMT, down 57 cents, from its last settlement.
U.S. crude was down 44 cents at $45.48 a barrel.
Analysts said rising output from the Organization of OPEC was outweighing a decline in the U.S. output and a sliding dollar, which makes it cheaper for countries using other currencies to import dollar-traded fuel.