Oil is sliding

Oil is sliding.

Prices for WTI Crude, the US benchmark, are down by 1.2% to $49.78 per barrel as of 11:48 a.m. ET.

Meanwhile, prices for Brent crude oil, the international benchmark, are down by 1.0% to $51.42 a barrel.

Relatedly, Bloomberg reported on Monday that Iran wants to increase its output to 4 million barrels a day this year.

Looking at story from a longer-term perspective, oil has risen in the aftermath OPEC's late September agreement to a preliminary cap on production of oil.

Prices for the commodity climbed above $50 a barrel in early October for the first time since June 2016. In fact, even with Monday's dip, WTI crude is up by about 15% since mid-September.

However, "more importantly, the fundamental story is becoming more nuanced. First, there is a growing dispute within OPEC about the current level of output," wrote Marc Chandler, the global head of currency strategy, in commentary. "Second, Russia may not be a reliable partner for OPEC. [...] Third, US producers are increasing their drilling operations."

NOW WATCH: LIZ ANN SONDERS: The most unsettling outcome for the markets would be a surprise Trump win

Please enable Javascript to watch this video