Oil prices fell on Monday as rising production in the Middle East outweighed a decline in the U.S. output and a sliding dollar, while Morgan Stanley warned that an emerging gasoline glut could also spill back into crude markets.
Brent was trading at $46.90 per barrel at 0643 GMT, down 47 cents, or 1 percent, from its last settlement. U.S. crude was down 33 cents at $45.59 a barrel.
Liquidity was low due to May Day holiday in many countries.
