Oil prices fall, record Iraq output

Brent Crude oil, a major trading classification of sweet light crude oil that serves as a major benchmark price for purchases of oil worldwide, prices fell below $50 a barrel on Monday after the global economic outlook darkened and Iraq announced record oil production.

The world`s biggest energy consumer, China, faces significant downward pressure on its economy, its premier Li Keqiang was quoted by state radio as saying on Monday.

China is expected this week to report growth slowing to 7.2 percent from a year ago, the weakest since the depths of the last global economic crisis. Data from China`s National Bureau of Statistics showed on Sunday house prices fell for a fourth straight month.

Brent crude traded around $49.81 a barrel by 1218 GMT, down 36 cents. U.S. crude was trading down 51 cents at $48.18 a barrel.

Oil prices have dropped by more than half since last June as output around the world soared while demand growth slowed. Although the International Energy Agency (IEA) said last week a reversal in the trend was possible this year, it added that prices may fall further before rising.