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Brent oil declines from 2015 high as Saudi production rises

FXStreet (Mumbai) - Brent crude futures fell from a 2015 high of USD 63.24/barrel, as Saudi production shows no signs of slowing down.

Saudi production continues to rise

Despite the sharp fall in the price, Saudi production continued to rise in March. Saudi boosted crude output by 658,800 barrels a day in March to an average of 10.294 million a day, as per the data the country communicated to the Organization of Petroleum Exporting Countries’ (OPEC) secretariat in Vienna. OPEC’s total production increase by 811,800 barrels a day in March to 30.79 million a day as the Saudi boost was amplified by higher output from Iraq.

Brent prices fell to a low of USD 61.98/barrel due to Saudi data. Moreover, the fresh sell-off in the USD index witnessed during the European session failed to support prices.

Brent Technical Levels

The immediate support is seen at 61.71, under which losses could be extended to 61.00 levels. On the flip side, a break above 62.50 could drive the prices to a daily high of 63.24.

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