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13 March 2018, 11:19 | Kelvin Horton
Oil down 1% on continued concerns over US output
In a monthly report issued Monday (http://www.marketwatch.com/story/us-shale-oil-output-forecast-to-climb-by-131000-barrels-a-day-in-april-eia-2018-03-12), the Energy Information Administration forecast a monthly rise of 131,000 barrels a day in April U.S. oil production.
"Permian and Bakken shale basins still saw active oil rigs rising by 2 and 3 last week, respectively, and are likely to keep U.S. oil production on increasing trend", ING said. While Friday's jump helped push prices higher for the week, futures are still below their peak in January, with the market struggling to recoup losses from last month's broader market slump.
"Oil prices fell on the back of concerns that surging US production. could push inventories in the USA higher", ANZ bank said on Tuesday. A stronger dollar would likely dent oil prices.
The West Texas Intermediate (WTI) for April delivery was down 0.68 US dollar to settle at 61.36 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery lost 0.54 dollar to close at 64.95 dollars a barrel on the London ICE Futures Exchange. Total volume traded was about 23 percent below the 100-day average.
Brent crude futures LCOc1 were at $64.85 per barrel, down 10 cents, or 0.2 percent. The global benchmark traded at a $3.47 premium to May WTI.
On Friday, Baker Hughes said the U.S. rig count dropped for the first time in seven weeks.
The US economy added the biggest number of jobs in more than 1-1/2 years in February, with non-farm payrolls jumping by 313,000 jobs last month, the Labour Department said on Friday.
"The longer the deal goes on, it's going to start falling apart", ING commodities strategist Warren Patterson tells Bloomberg.
While the producer group complied with a pledge to curb output and ease a glut in 2017, US flows that are gaining a bigger slice of the prized Asian market may prompt some nations to boost supplies, said Warren Patterson, a commodities strategist at the Dutch bank. The fallout could drag down prices to under $60, he said.
This week's Consumer Price Index (CPI) release, given its potential impact on the dollar, could be critical, said Bill Baruch, president of Blue Line Futures in Chicago.
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