Oil prices dipped on Monday as Iraq's wish to be exempted from OPEC production cuts cast a doubt on output freeze outlook. But a draw of crude at the Cushing, Oklahoma, delivery hub for WTI, provided a floor. The front-month in WTI settled down 1.00 percent to $50.49 a barrel. The front-month in Brent crude futures closed 0.85 percent lower to $51.48 a barrel. The spread between the two benchmarks stood at $0.99 a barrel.

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