Oil down 3 pct on concerns over rising Iraqi exports, U.S. output

By Catherine Ngai NEW YORK (Reuters) - Oil prices tumbled by 3 percent on Monday on concern that record Iraqi crude exports and rising U.S. output would undermine OPEC's efforts to curb global oversupply. U.S. crude futures were trading at $52.36 a barrel, down $1.63 at 11:47 a.m. ET (1646 GMT). In Iraq, OPEC's second-biggest producer, oil exports from the southern Basra ports reached a record high of 3.51 million barrels per day (bpd) in December, the oil ministry said.