Oil prices dropped from $50 per barrel on Monday despite an agreement last week by exporters to cut output, a report said.

Brent crude futures LCOc1 were trading down 25 cents, or 0.5 per cent, at $49.94 per barrel at 0205 GMT, added the Reuters report.

US West Texas Intermediate (WTI) futures CLc1 were down 26 cents, or 0.5 percent, at $47.98 a barrel.

The dips follow fresh production highs from Opec as rival members like Saudi Arabia, Iran and Iraq are reluctant to give away market share, the report said.