Oil prices dipped on Monday as a rebound in production from Libya's largest oil field prompted selling, and investors worried about higher output from OPEC and the United States. Front-month U.S. West Texas Intermediate crude futures fell 0.42 percent at $49.31 a barrel. Front-month Brent crude futures closed down 0.30 percent to $52.30 a barrel. The spread between the two benchmarks stood at $2.99 a barrel.

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