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Oil prices fell roughly 4 percent on Friday, Reuters reported, on the back of reports that Saudi Arabia would not freeze production levels.
Oil prices fell roughly 4 percent on Friday, Reuters reported, on the back of reports that Saudi Arabia would not freeze production levels.
As quoted in the publication:
Brent crude for June delivery fell $1.55, or 3.8 percent, to $38.78 a barrel by 12:13 p.m. ET (1613 GMT). Brent rose 6 percent in the first quarter of this year, its first such increase since a 15 percent rally in the second quarter of 2015.
U.S. crude fell $1.38, or 3.6 percent, to $36.96 a barrel after settling up 2 cents on Thursday. Prices rose almost 4 percent over January-March, also the first quarterly gain since surging nearly 25 percent in the second quarter of last year.