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The fall in oil prices after the announcement of a jump in OPEC production
4/17/15
Twilight News / Oil prices fell futures during Asian trade on Friday, ending a series of highs earlier this week.
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The decline came after OPEC said output jumped in March, which increases concern about oversupply in the market.
OPEC said its output in the past month increased by 810 thousand barrels per day, for up to 30.79 million barrels per day, which is equivalent to one-third of global supply.
And landed Brent crude contracts for more than $ nearest maturity to 62.95 dollars a barrel before recovering to 63.13 dollars, after it was recorded in the previous session to $ 64.95, its highest level this year.
The US crude futures fell 75 cents to 55.96 dollars a barrel, after also recorded in the previous session, its highest level this year at $ 57.42.
And puts the drop in prices on Friday, at least temporarily end the upward trend in which Brent prices have jumped more than 16 percent since the beginning of this April, as a result of the conflict in the Middle East and a decline in US oil production.
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