Oil Prices Fall on Strong Dollar, Output Fears

Oil prices fell over 1% on Monday after the US dollar jumped, with markets pressured as Iraq's production rose and as Iran said it would only cooperate in talks to freeze output if fellow exporters recognized its right to fully regain market share. 
Brent crude futures LCOc1 were trading at $49.22 per barrel at 0644 GMT, down 70 cents, or 1.4%, from their previous close. 
US West Texas Intermediate (WTI) crude was down 75 cents, or 1.6%, at $46.89 a barrel. 
Prices have fallen by almost 4% since their August peaks. 
Traders said the price falls were a result of climbing output from the Middle East, where oil exports from Iraq's southern ports have averaged 3.205 million barrels per day (bpd) in August, exceeding the average level seen in July. Exports in July averaged 3.202 million bpd. 
Also weighing on prices were statements from Iran, which said late last week that it would only cooperate in upcoming producer talks in September if other exporters recognized Tehran's right to regain market share lost during international sanctions that were only lifted in January.