FXStreet (Mumbai) - Brent oil fell back to USD 31/barrel after a senior Iraqi official reportedly said the country plans to pump more oil than previously expected and priced-in. Supply glut fears intact Iraq is likely to increase its output to around 4 million barrels per day this year from the Iraqi southern fields. This is an increase of roughly 200-300k on current production. Iraq’s plans to boost production come at a time when the fresh Iran supplies are ready to hit the markets. This should put to rest any possibility of the group announcing a production cut in the near future. Consequently, Brent futures have quickly fell back 50 cents to USD 31/barrel. Brent Technical Levels As of now the futures are trading at USD 31.10/barrel. The immediate resistance is seen at 31.20 (hourly 5-MA), above which the prices could test 31.76 (hourly 10-MA). On the other hand, a break below 30.53 (hourly 50-MA) could see prices drop to 29.47 (hourly 200-MA). For more information, read our latest forex news.