Oil prices move lower on surging OPEC output

April 16, 2015 2:23 PM

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Oil prices move lower on surging OPEC output

The global benchmark was trading at 62.58 for the June contract Thursday morning, after OPEC released its monthly market report, stating March output rose by 810,000 bpd, thanks in part to increased output in Saudi Arabia and Iraq.

Oil markets have faltered; supplies continue to outweigh demand as the global economy struggles to gain traction after the worldwide recession.

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