Oil market opens to weaker prices

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May futures for North Sea Brent blend fell by 0.95% to $56.56 per barrel. May futures for WTI crude oil were down by 1.02%, to $49.58 per barrel.

Oil prices rose on Wednesday after a mixed U.S. stockpiles report, and talks over Iran's nuclear program dragged on into the night. Despite an increase in U.S. oil inventories for the week ending March 27 of 4.8 million barrels, or 1%, to 471.4 million barrels, the US Energy Department has reported for the first time since January a decrease in production by 36,000 barrels of oil per day, or by 0.38%, to 9.386 million barrels.

Experts believe that the decline in production gives some hope that the state of oversupply can be brought under control, and bring about a rise in prices.