Oil sags on supply concerns; sterling drops on May comments

Traders work on the floor of the New York Stock Exchange in New YorkBy Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – Oil prices fell on Monday on fears that record Iraqi crude exports and growing U.S. output could undermine OPEC's efforts to reduce supply, while sterling slumped on comments by British Prime Minister Theresa May suggesting what could be an aggressive exit from the European Union. The drop in oil prices weighed on energy stocks on Wall Street as the Dow Jones Industrial Average moved further from hitting the historic and widely awaited 20,000 mark. In early afternoon trading, Brent crude fell $1.66, or 2.87 percent, at $55.44 a barrel, while U.S. crude futures slid slid 2.96 percent to $52.39 per barrel.

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