Oil prices fell in early trading 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 (bpd), to 30.79 bpd which is equivalent to a third of global supply.
OPEC's report may reinforce the perception that major producers are staking out market share ahead of a potential rise in Iranian exports following its framework accord with world powers over its nuclear program.
Friday's price fall at least temporarily ended a rally that has seen Brent gain over 16 percent in value since the beginning of the month, triggered by Middle East conflict and a dip in U.S. oil production.
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