The Traderszone Network

Published in TZ Latest News 16 April, 2015 by The TZ Newswire Staff

Brent crude oil prices fall as OPEC production soars

Brent crude oil prices fell on Friday, ending a run of rallies earlier in the week, after OPEC said that its output surged in March, adding to a global glut. The Organization of the Petroleum Exporting Countries (OPEC) said that its March production jumped 810,000 barrels per day (bpd), to 30.79 million bpd which is equivalent to a third of global supply. “It seems Saudi Arabia has not had enough of low oil prices,” Singapore-based Phillip Futures said. Front-month Brent crude futures (LCOc1) were down half a dollar at $63.48 a barrel at 12.52 a.m.

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