Oil prices edged lower on Monday as data showed Saudi Arabian exports fell to the lowest in five months despite record output, while a resurgence in U.S. drilling activity seen earlier this month seemed to fizzle out. Both international and U.S. crude futures posted their third consecutive weekly losses last week on expectations of increased exports from Iran following a deal to ease sanctions against the OPEC producer. Brent September crude was 12 cents lower at $56.98 a barrel by 0316 GMT. The benchmark had fallen nearly 3 percent last week and more than 10 percent for the month. U.S. crude futures, also known as West Texas Intermediate (WTI), was down 17 cents at $50.72 on Monday, after falling more than 3 percent last week and more than 14 percent in July. The August contract expires on Tuesday. […]