Oil catches a strong bid after testing last week’s low. OPEC output falls

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Reuters is out with its latest survey of OPEC output for April. It found that production fell by 99,000 barrels per day to 26.49 million barrels per day.

The declines were led by lower exports from Iran (-50K), Iraq (-40K) and Nigeria (-50K) While Saudi output edged up 20K to 9.0 million barrels per day.

Oil has been volatile in the final day of April trading. It fell as low as $80.95 but held last week’s low of $80.88 and that prompted some buying, lifting it back to $82.09, down just 54 cents on the day. May is seasonally the strongest month of the year.