U.S. and global oil prices sold off Monday on the back of bearish production data from the Organization of the Petroleum Exporting Countries. The OPEC data, obtained by news agency Reuters, suggest April production from the producer group was up 170,000 barrels a day month-on-month at 32.64 million barrels a day. Germany’s Commerzbank said in a note that OPEC’s April output could have been much higher without outages in Kuwait, the United Arab Emirates, Venezuela and Nigeria that meant the figure fell just short of January’s record of 32.65 million b/d. Crude production by members of the Organization of the Petroleum Exporting Countries was up in… After oil’s 70% bull run in the last three months, the OPEC production figures reinforce the concerns many observers have in terms of the bearish oversupply fundamentals still gripping the market. This may have negative impact on prices this week. The U.S. crude […]