Oil prices fell away from $50 % barrel on Monday despite an agreement last week by exporters to cut output, with traders doubting the step was enough to rein in production that has exceeded consumption for the better part of three years.
                  Brent crude futures were trading down 25 cents, or 0.5 %, at $49.94 per barrel at 0205 GMT.
U.S. West Texas Intermediate (WTI) futures were down 26 cents, or 0.5 %, at $47.98 a barrel.
                           The dips follow fresh production highs from the Organization of the Petroleum Exporting Countries (OPEC) as rival members like Saudi Arabia, Iran and Iraq are reluctant to give away market share.

OPEC's oil output is likely to reach 33.60 million bpd in September from a revised 33.53 million bpd in August, its highest in recent history, a Reuters survey found on Friday.

Get live News Updates visit us at Ripples Advisory or One Missed Call on @98-27-80-80-90.