Oil prices fell in early trading on Monday as the chances of Middle East producers agreeing to curb overproduction appeared to fade, while U.S. output remains stubbornly high.
Oil futures eased in early Asian trade on Friday as oversupply and a strengthening dollar weighed on sentiment, although data showing another fall in U.S. oil output in January offered support.
Oil futures fell in early Asian trade on Thursday amid renewed worries of global oversupply after official data showed U.S. crude inventories rose last week to a record for the seventh time in a row.
Oil futures edged up on Wednesday to near $40 per barrel as a weaker dollar spurred interest in riskier assets and the International Energy Agency (IEA) said expectations for a deluge of oil from Iran were misplaced.
U.S. commercial crude oil stockpiles were expected to have reached record highs for a seventh straight week, while refined product inventories likely fell, a preliminary Reuters survey showed late on Monday.
US stocks were little changed on Monday as gains in consumer stocks following encouraging data offset the impact of a dip in crude oil prices on the energy sector.