UPDATE: OPEC Boosts Output 1.6% in March; Nears Multi-Month Highs (USO)

Crude ETFs are lower Tuesday following data from Organization of the Petroleum Exporting Countries (OPEC) which shows a jump in production and supply for March.

Reuters said that OPEC supply rose to 30.63 million barrels per day, compared to a revised 30.07 million bpd output recorded for the prior month.

Reuters believes its the highest production level seen since October 2014, which supply was 30.64 million bpd.

Output from Saudi Arabia is nearly 10 million bpd and the overall increase comes as other OPEC members move to retain market share.

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