JM News UK

Global oil prices edged back from a 2015 high on Thursday as traders took some profits from a weeks-long rally and the Organization of the Petroleum Exporting Countries reported a sudden surge in March production. Brent crude for June delivery fell 49 cents to $62.83 a barrel by 12:06 p.m. EDT (1606 GMT), after opening at $63.29, posting a front-month Brent peak price for the year. "There is some profit taking, but the confirmed OPEC production increase ... has to weigh on prices to some degree," said John Kilduff, partner at Again Capital LLC in New York.