Oil falls as Saudi output remains near record high

Oil prices fell towards $62 a barrel yesterday on a strong dollar and as Saudi Arabian Oil Minister Ali al-Naimi said production would stay around 10 million barrels per day (bpd) in April.

Brent - the global crude oil benchmark - was trading at $62.25, down from an intraday peak of $64.34. US crude for May delivery was down 74 cents at $55 a barrel, down from an early high of $56.65.

The dollar was up 0.47 per cent against a basket of currencies. Production in the world’s biggest crude exporter would stay near record peaks around 10 million bpd in April, al-Naimi told Reuters in Seoul, where he is due to attend a board meeting of the state oil firm Saudi Aramco