Oil fell for a fifth consecutive day yesterday on rising production from major exporters, and as the dollar strengthened.

Brent futures had declined 45 cents to $47.90 a barrel by 0845 GMT, after closing down 37 cents in the previous session.

US crude futures dropped 34 cents to $47.74 a barrel, having settled down 33 cents the day before.

Both contracts finished with modest losses for a fourth straight session on Monday, and are on track for their longest losing streak since January.

Investor focus is shifting back to oversupply

Iraq’s oil output has reached 4.7 million barrels per day (bpd) and exports are running at a record 3.9 million bpd, the state-run Iraqi Media Network reported yesterday, citing Deputy Oil Minister Fayadh al-Nema.

Investor focus is shifting back to global oversupply after a wildfire hit exports from Canada, while protests disrupted Nigerian production.

“Iraq’s production is up and Iran talked about increasing to 2.2 million barrels per day and there’s no way that Opec is going to limit production rises,” said Michael Hewson, chief market analyst at CMC Markets.

A meeting of the Opec exporter group, including Iran, is scheduled for June 2.

Plans for a deal between Opec and non-Opec producers to shore up crude prices by freezing output fell apart in April when Saudi Arabia demanded that Iran, its main rival for influence in the region, participate.

Iran’s Deputy Oil Minister Rokneddin Javadi was quoted on Sunday as saying the country’s crude export capacity will reach 2.2 million barrels by the middle of summer.