Oil Falls as Surging OPEC Production Seen Worsening Global Glut
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Oil dropped from a five-month high in New York as surging OPEC crude production is seen swelling global stockpiles.
Futures fell for the first time in four days after a Bloomberg survey showed the Organization of Petroleum Exporting Countries boosted output in April. Production rose by 484,000 barrels to 33.217 million a day, the most in monthly data going back to 1989, the survey of oil companies, producers and analysts showed. Oil climbed 20 percent in April, the biggest monthly gain in a year as the dollar tumbles and U.S. crude output slips.