Oil prices were little changed on Monday near multi-month lows, dragged down by worries about oversupply as OPEC saw record output last month and as the U.S. rig count rose again.
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London Brent crude for January delivery was trading up 4 cents at $44.79 a barrel by 0738 GMT, after settling down $1.09 on Friday. The benchmark on Friday hit its lowest since Aug. 11 at $44.19.
The dollar rose to a nine-month high against other currencies on Monday, pressuring oil prices.
“Overall the market is seen heading lower because of a strong dollar,” said Kaname Gokon at brokerage Okato Shoji in Tokyo.
The Organization of the Petroleum Exporting Countries (OPEC) said on Friday that its output rose to a record 33.64 million barrels per day (bpd) in October, up 240,000 bpd from the previous month.