Oil prices edged lower during European morning hours on Monday, starting the week off in negative territory as rising U.S. shale production continued to feed concerns about a global supply glut.
The U.S. West Texas Intermediate crude June contract shed 15 cents, or around 0.3%, to $49.18 a barrel by 3:40AM ET (07:40GMT).
Elsewhere, Brent oil for July delivery on the ICE Futures Exchange in London dipped 20 cents to $51.85 a barrel.
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