Oil falls 3% in trading on oversupply concerns
Brent crude, the global benchmark, down 84 cents at $31.34 a barrel on Monday
Brent drops toward $59 as US jobs data pushes dollar up
US unemployment rate fell to the lowest since May 2008 in February
Oil hits five-year low before rallying above $62
Opec says it will not cut output despite glut and a collapse in prices
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