Oil prices fell more than 1 percent on Monday, hovering at a 10-week low just above the $49 mark as higher OPEC supply and swelling crude stocks in the United States weighed on the market. U.S. light crude dropped to an intraday low of $49.03 a barrel, the lowest since Feb. 22 and almost 16 percent below the record $58.28 struck on April 4. U.S. crude was 58 cents down at $49.14. Markets in Singapore and London were closed for a public holiday. Prices came under selling pressure last week as U.S. crude stocks jumped by a surprising 5.5 million barrels as imports into the world's biggest comsumer surged to almost 10.9 million barrels per day (bpd), the third-highest weekly volume on record. The Organization of the Petroleum Exporting Countries has pledged to increase supplies to cool prices down to below $50 a barrel, which has helped to build U.S. crude stockpiles to the highest level since mid-2002.