Oil selloff resumes as record Iraq supply adds to glut

``Oil prices recoiled 6 percent on Monday, again nearing the pivotal $30-a-barrel threshold before the close, after news that Iraq's output reached a record last month returned attention to a market glut that sent prices to 12-year lows last week... Iraq's oil ministry told Reuters on Monday that the country had record output in December, with its fields in the central and southern regions producing as much as 4.13 million barrels a day. A senior Iraqi oil official said separately the country may raise output even further this year.''