Oil falls to eight-week low

Oil prices fell to an eight-week low on Monday as the Organisation of the Petroleum Exporting Countries promised an increase in oil production next month, but prices recovered later in the session to remain above the $50-a-barrel level.

IPE Brent for June delivery fell to an intra-day low of $50.44 a barrel, before recovering to $50.78 at the close of London trade, a fall of 83 cents from Friday