Oil is slipping

Oil is dipping on Monday morning after Iraq signaled it does not want to take part in an OPEC production cut deal.

Both Brent and West Texas Intermediate (the US measure) are down as of 8.15 a.m. BST (3.15 a.m. ET). Here is how Brent looks:

As you can see, Brent has pared its earlier losses and is staging a mini-comeback in early London trade but is still down on the day.

Here is how US crude looks at the same time - a steeper fall:

Oil is down after Iraq said it is seeking an exemption from the planned OPEC oil production cut, a move that market watchers fear could scupper the whole deal.