Oil falls on strong dollar and Saudi output
Oil prices fell towards $62 a barrel yesterday on a strong dollar and as Saudi Arabian Oil Minister Ali al-Naimi said production would stay around 10 million barrels per day (bpd) in April.
Brent crude was trading down $1.20 at $62.25 yesterday. US crude for May delivery was down 74 cents at $55 a barrel, down from an early high of $56.65.
A strong greenback makes dollar-traded commodities like crude oil less attractive for holders of other currencies.
Production in the world's biggest crude exporter would stay near record peaks around 10 million bpd in April, Saudi Arabian Oil Minister Ali al-Naimi told Reuters in Seoul, where he was due to attend a board meeting of the state oil firm Saudi Aramco.
"I have said many times we will always be happy to supply to our customers with what they want. Now they want 10 million," he said.
Mr Naimi said previously Saudi Arabia produced a record 10.3 million in March.