Oil price falls to $49 a barrel
attacks on oil facilities, said at the weekend it was ready for a ceasefire and Iraq resumed pumping through a northern pipeline halted earlier this year.
Brent crude was down 41 cents at $48,75 a barrel at 1103 GMT.
The global benchmark rallied 20 percent between the beginning of the month and August 19. US crude was down 37 cents at $47,04.
“Today we remain bearish on crude oil,” said Georgi Slavov, analyst at Marex Spectron.
“Supply looks likely to increase in the short term.”
Goldman Sachs, in a report, said talk of an output freeze by the Organisation of the Petroleum Exporting Countries and a weak dollar had helped drive prices up this month but neither was enough to sustain current levels.
Oil prices have more than halved from mid-2014 due to a global supply glut.
Raising hopes that producers could