Olive-oil production rebound seen weighing on prices in Spain

Global production of olive oil is set to rebound 29% from last year, sending prices in Spain to a 10-month low, Oil World said. Output may gain to 3.38 million metric tons in the 2013-14 season from the prior year’s “unusually low” 2.63 million tons, the Hamburg-based researcher said  in an e-mailed report. Prices for the extra-virgin variety in Spain, the world’s biggest producer, fell to a low of $3.25 a kilogram (2.2 pounds) in the past week, down 13% since June, it said.