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, the global benchmark, was down 84 cents at $31.34 a barrel at 1122 GMT, losing 2.6 percent from its closing price on Friday, when Brent surged 10 percent.
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