Brent oil snaps three-day winning streak

Brent oil is trading with moderate losses in Asia, snapping the three-day winning streak on report the drilling activity in US gathered pace and Iran is seeking higher exports.

At the time of writing, Brent traded around $49.90/barrel. Prices clocked a low of $49.74 earlier today. Chinese markets are shut for the entire week, which means liquidity is likely to remain low in Asia.

Baker Hughes data released on Friday showed US rig count rose to the highest level since February. Meanwhile, reports hit the wires over the weekend that Iran wants to increase exports to 2.35 million barrels a day in the coming months.

Furthermore, experts believe the OPEC agreement if passed in November may not be enough to rebalance the oil market.