Oil prices fell on Monday, with WTI closing at a one-month low as investors doubted that producers will freeze output to rein in a worldwide crude glut.
U.S. crude prices briefly bounced off session lows after an outage on a major pipeline raised concerns about delivery to the U.S. storage hub.
Iran will raise its crude output and exports until it reaches pre-sanction levels, the semi-official Mehr news agency quoted Oil Minister Bijan Zanganeh as saying. Last week, a Saudi prince reportedly dismissed a production freeze plan without Tehran's involvement.
In the United States, the Keystone crude pipeline has been shut after an incident on Saturday in South Dakota, the pipeline's operator TransCanada Corp said in a notice sent to shippers and obtained by Reuters. The pipeline is part of a network that carries oil to the U.S. crude delivery hub in Cushing, Oklahoma.