Last week oil gained for the first time in two months, but slumped this Monday amid fear of OPEC increasing output overweighting speculation that supply from the outside group will dampen. Oil prices fell by approximately 1% as Iraq pumps at a record speed of four million barrels per day, while supply of non-OPEC output is expected to be weaker than anticipated. WTI futures for February lost 50 cents to $48.19 per barrel and futures for March slid 33 cents to $48.80,while Brent futures for March were down 30 cents at $49.83 per barrel.