Oil prices on Friday retreated off 2015 highs against signs of growing oversupply and record high Iraqi export in April, Reuters reports.Â
The two global crude benchmarks saw between 20 and 25% increase in April, reaching its highest levels since the beginning of the year.Â
Brent was down 63 cents trading at $66.15 a barrel on Friday – a 21% increase, while U.S. crude went down 68 cents and settled at $58.95 after a record high for 2015 high of $59.85. It gained 25% last month.
However, every indication points to a rise in supply, which could push prices further down as demand is not expected to rise, not at least, in the short term.
Adding to the existing glut are Iraqi crude oil exports, which hit a new record in April reaching 3.08mn barrels per day (bpd) from 2.98mn bpd in March, the oil ministry said on Friday.
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