Brent oil falls on Opec output, Iran

 

Brent crude oil fell towards $54 a barrel on Friday and was on track for its third straight weekly loss, hurt by oversupply worries after Kuwait said Organisation of the Petroleum Exporting Countries (Opec) had no choice but to maintain output levels.

Brent for May delivery had fallen 33c to $54.10 by 9.31am . The contract is set to decline by more than 1% this week.

US crude for April delivery slipped 21c to $43.75 a barrel, headed for its fifth weekly loss. The contract expires on Friday.

Kuwait’s oil minister said on Thursday that Opec had no choice but to shun oil output cuts, reiterating the view from the emirate that the group will hold its course when it meets next in June.