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Oil declines on ample supplies

Oil declines on ample supplies
Oil

Oil prices fell below $64 a barrel on Friday, as rising crude supplies from OPEC members outweighed signs of a slowdown in US output and Middle East tensions.

Brent crude was still near its 2015 high reached on Thursday and has rallied 16% in April, supported by conflict in Yemen and the prospect that lower prices are starting to curb US shale output.

At 0900 GMT, Brent crude for June LCOc1 was down 30% at $63.68 a barrel.

Brent reached a 2015 high of $64.95 on Thursday. US crude for May CLc1 was down 40% at $56.31 a barrel.

Crude also got a lift from signs this week the price drop is starting to slow US production and from a smaller-than-expected rise in US crude inventories that raised hopes months of rising stocks may be nearing an end.