Mubasher: Oil prices declined by 1.2% early Monday as Iraq decided to raise the output and Iran announced it would only encourage output freeze agreement, if other exporters recognized its right to fully reclaim the country's market share.

By 15:10 GMT, Brent crude oil futures were traded at $49.60 per barrel, down 55 cents from their previous closure. 

US West Texas Intermediate (WTI) crude futures lost 55 cents to stand at $47.09 per barrel.

Market analyst Ahmed Karam told Mubasher that OPEC-members' failure to reach a satisfactory framework so far, namely among its major members, will probably lead the upcoming talks to a dead end.  

Moreover, Iran's statement is a new obstacle in the road of negotiations in Algeria next month, which is likely to have few significant impacts with the current Saudi Arabia's intention to increase oil production.