Oil quotes declined about 1%

Oil prices fell moderately against the background of partial profit-taking, as well as the assumption of OPEC to reduce oil production may encounter obstacles.

Over the weekend, the head of Iraq's state-owned State Oil Marketing Organization (SOMO) Falah al-Amri said that Iraq does not intend to reduce the current level of oil production, which currently stands at 4.7 million barrels per day. He also noted that the volume of oil production in the country is a matter of its sovereignty. He said that Iraq must receive the same privileges as Libya and Nigeria

"The collective reduction in oil production would be more difficult without the participation of Iraq - Gao Jian at analyst SCI International -. There is a risk that Iraq's failure could trigger a domino effect, and other oil producers would also want to be excluded from the plan."

The cost of the December futures for US light crude oWTI (Light Sweet Crude Oil) fell to 50.25 dollars per barrel on the New York Mercantile Exchange.

December futures price for Brent fell to 51.20 dollars a barrel on the London Stock Exchange ICE Futures Europe.