Oil slides; U.S. trade spikes, hope for OPEC cut limits losses

By Ethan Lou NEW YORK (Reuters) - Oil prices dropped on Monday, weighed by oversupply concerns, with U.S. crude dropping below $50 as trade volumes spiked ahead of the Oct. 20 expiry date for American futures contracts. The Iranian vice-president's comments on Monday that his country needs to regain its market share added to bearish sentiments, but expectations of an upcoming OPEC production cut limited losses, analysts and traders said. International benchmark Brent crude fell 62 cents to $51.3