Opec’s oil output has risen further in February from December’s two-and-half-year low, due to more shipments from Iraq and Angola, and further upward creep in Iranian exports, Reuters has reported. The group’s output averaged 29.96 million barrels per day (bpd) in February, up from a revised 29.79m bpd in January. “If Opec production is rising, this would only add to the existing over-supply,” said Carsten Fritsch, analyst at Commerzbank in Frankfurt. He expects Brent crude to fall further towards the middle of its trading band of $100-110 a barrel over the next few weeks due to ample supplies.
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