Oil prices fall on Monday

Baghdad (IraqiNews.com) Brent crude oil prices traded around $50 a barrel on Monday, with some support coming from falling U.S. output growth but an expectation of weak Chinese economic data weighing on markets.

Analysts said prices were receiving some support around current levels but added that there was not much room for larger price gains.

“Some positive data points helped to stabilize oil for

now…Upbeat IEA comments and a falling U.S. rig count were the latest positive news. While the news was able to halt oil’s price decline, it was not enough to turn prices bullish,” Morgan Stanleysaid on Monday in a note. /End/