Oil prices tumble 4pc

New York—Oil tumbled 4 percent on Friday after data showed the global crude glut was likely to grow. The dollar’s first rebound in a week after stronger-than-expected US jobs data added pressure on oil, making crude prices denominated in the greenback less attractive for holders of the euro and other currencies.
Brent crude fell $1.70, or 4.2 percent, to $39.07 a barrel by 11:29 a.m. ET (1529 GMT). It was on track to a similar loss on the week, after ending the first quarter up 6 percent and March 15 percent higher. US crude fell $1.40 to $36.94 a barrel. It was on track to a 6 percent drop on the week, after a first-quarter gain of 4 percent and March rally of 14 percent.
Oil had rallied for the past six weeks after major producers within and outside the Organization of the Petroleum Exporting Countries floated the idea of freezing output at January’s highs.
A Reuters monthly survey showed this week that OPEC output rose in March on higher supply from Iran after the lifting of sanctions and near-record exports from southern Iraq.—AFP

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