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Crude prices retreat as OPEC boosts output

Xinhua, May 3, 2016 Adjust font size:

Oil prices dropped Monday as the Organization of the Petroleum Exporting Countries (OPEC) increased output in April.

OPEC raised crude production by 484,000 barrels per day to 33.217 million per day in April, according to a survey of oil companies by Bloomberg. Iran and Iraq, two important OPEC members, expanded crude output in April.

Iraq Oil Ministry spokesman Assem Jihad said Sunday that the oil exported from Iraq increased by 2.3 percent in April from the previous month, to 3.364 million barrels on average per day.

Major crude production countries failed to reach an agreement over a global output freeze at a meeting in Doha, Qatar, on April 17.

The West Texas Intermediate for June delivery moved down 1.14 U.S. dollars to settle at 44.78 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery decreased 1.54 dollars to close at 45.83 dollars a barrel on the London ICE Futures Exchange. Endit