Oil prices under pressure as Iraq resists joining output cut

By Ahmad Ghaddar LONDON (Reuters) - Oil prices came under pressure on Monday as Iraq said it wanted to be exempt from an OPEC deal to cut production, though losses were capped by Iran saying it would encourage other members to join an output freeze. U.S. West Texas Intermediate (WTI) crude was down 5 cents at $50.80. Falah al-Amiri, head of Iraq state oil marketer SOMO, added that Iraq's market share had been compromised by the wars it has fought since the 1980s.