A flame shoots out of a chimney at a petro-industrial factory in Kawasaki near Tokyo December 18, 2014. Oil prices fell 4 percent on Monday as Iraq announced record-high oil production feeding into a heavily oversupplied market, wiping out much of the gain made in one of the biggest-ever daily rallies last week. Brent crude LCOc1, the global benchmark, was down $1.35 at $30.83 a barrel at 0851 GMT, losing more than 4 percent from Friday’s closing price, when Brent surged 10 percent. U.S. crude CLc1 traded $1.15 lower at $31.04 a barrel, regaining its unusual premium to Brent prices. Iraq’s oil ministry told Reuters on Monday oil output had reached a record high in December. Its fields in the central and southern region produced as much as 4.13 million barrels a day, the government said. “The news that Iraq has probably hit another record builds on the oversupply […]