CRUDE OIL NEWS

Oil prices fell on Monday, giving up earlier gains, squeezed by plentiful supply and U.S. firms in particular increasing exports in competition with traditional producers from the Middle East in key markets like Asia.International  futures were at $66.88 a barrel at 0449 GMT, down 24 cents, or 0.4 percent, from their last close. They ended Friday little changed after touching their highest since Nov. 16 at $67.73 a barrel.U.S. West Texas Intermediate (WTI) crude futures were at $57.11 per barrel, down 15 cents, or 0.3 percent, from their last settlement. WTI futures climbed 0.5 percent on Friday, having marked their highest since Nov. 16 at $57.81 a barrel.Traders said the dips were a result of ample oil supply amid surging exports from the United States, forcing other producers especially in the Middle East to start offering their crude at discounts.

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