Brent crude oil prices fell over a dollar 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, to 30.79 bpd which is equivalent to a third of global supply.
Front-month Brent crude futures LCOc1 were down a dollar, or 1.6 percent, at $62.98 per barrel at 10.25 p.m. EDT on Friday. U.S. crude CLc1 was down 81 cents at $55.90 a barrel.
Reuters technical analyst Wang Tao said that Brent could fall further to slightly above $61.20 a barrel before finding market support.
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