SINGAPORE — Oil prices fell away from $50 per barrel on Monday despite an agreement last week by exporters to cut output, with traders doubting the step was enough to rein in production that has exceeded consumption for the better part of three years.Brent crude futures were trading down 25c, or 0.5%, at $49.94 per barrel at 2.05am GMT.US West Texas Intermediate (WTI) futures were down 26c, or 0.5%, at $47.98 a barrel.The dips follow fresh production highs from Opec as rival members like Saudi Arabia, Iran and Iraq are reluctant to give away market share.Opec’s oil output is likely to reach 33.60-million barrels per day (bpd) in September from a revised 33.53-million bpd in August, its highest in recent history."Sentiment has been slightly dented by a Reuters survey on Friday, showing that despite agreeing to cut production Opec pumped crude in record amounts through September," said Jeffrey Halley, senior market analyst at brokerage OANDA in Singapore.The price falls came despite l...
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