Crude prices fall to lowest in four sessions after Iraq's statements

Crude prices fell on Monday to the lowest in four sessions after Iraq said it didn't want to join in the OPEC deal to reduce production.

U.S. crude futures last traded at $50.11 a barrel, down from the opening of $50.93, with an intraday high at $50.96, and a low at $50.05.

Iraq said it wants to be exempted from the OPEC deal, which would weigh on prices as analysts expected OPEC to cut production by half to one million barrels a day to reduce the global oversupply.

On the other hand, prices were temporarily buoyed after Russian oil minister Novak said a cut into production volumes is important to help prices, and that Russia will present suggestions to Saudi Arabia about production cuts shortly.

The dollar index, gauging the greenback's performance versus an array of six major currencies, rose to 98.77 from the opening of 98.68, with an intraday low at 98.55, and an eight-month high at 98.85, after registering four weekly gains in a row.