Crude oil drops on OPEC output, looming Iran sanctions prevent big fall

Output was boosted by a recovery in Libyan production and as Iraq's southern exports hit a record

Brent crude oil prices dipped on Monday amid rising supply from OPEC and the United States, although expectations of falling Iranian output once US sanctions bite from November provided some support.

International Brent crude oil futures were at $77.59 per barrel at 0046 GMT, down 5 cents from their last close.

US West Texas Intermediate (WTI) crude futures were at $69.81 per barrel, virtually unchanged from their last settlement.

Output from the producer cartel of the Organization of the Petroleum Exporting Countries (OPEC) rose by 220,000 barrels per day (bpd) between July and August, to a 2018-high of 32.79 million bpd, a Reuters