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Oil down 3 percent on OPEC output hike, speculative ramp-up in Brent

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Smokin Joe:
Oil prices fell about 3 percent on Monday as production from the Organization of the Petroleum Exporting Countries neared all-time peaks and record speculative buying in global benchmark Brent sparked profit-taking on last month’s outsized rally.

OPEC’s crude production climbed in April to 32.64 million barrels per day, close to the highest in recent history, a Reuters survey showed.

Iraq’s April exports

http://www.oilandgas360.com/oil-3-percent-opec-output-hike-speculative-ramp-brent/?utm_source=Closing+Bell+Report&utm_campaign=ad21ded1e6-Closing_Bell_RSS_Campaign&utm_medium=email

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