Published: Wed, March 14, 2018
Economy | By Shawn Conner

Oil prices fall as relief over falling U.S. rig count fades

Oil prices fall as relief over falling U.S. rig count fades

Wood Mackenzie Ltd. last week forecast that US crude shipments overseas will soar to nearly 4 million bpd by the mid-2020s, rivaling shipments from Iraq and Canada; and as far as Patterson is concerned, the Middle East won't give up Asia easily.

New indications of growing US output come as the Organization of the Petroleum Exporting Countries-which has been holding back output by 1.8 million barrels a day since the start of last year-is divided over how high the price of oil should be.

Brent sweet crude traded at $65.70 per barrel on Monday, an increase of 21 cents or 0.3 percent from its previous close.

This week, gasoline inventories again dropped 1.262 million barrels, according to the API report.

In U.S. Treasuries, benchmark 10-year notes last rose 9/32 in price to yield 2.8389 percent, from 2.87 percent late on Monday.

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At 0640 GMT, May WTI crude oil is trading $61.86, down $0.06 or -0.10% and June Brent crude oil is at $65.35, up $0.08 or +0.12%.

China's industrial output grew 7.2% in the first two months of the year compared with the same period last year, beating expectations of a 6.1% hike.

Aside from cryptocurrencies being the main subject of the markets recently, commodities are reaching new heights with crude oil on the rise with solid growth.

The rising US output comes largely on the back of onshore shale oil production.

Losses in technology stocks drove dips in the USA equity market, while oil prices - which lately have trended in tandem with equities - fell by as much as 1.8 percent before regaining some ground, hurt by concerns over rising US production.

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The price of OPEC oil basket stood at $62.53 a barrel on March 12, which is $0.58 more than on March 9, the cartel told Trend on March 13.

If that happens, the production is expected to hit the top spot which Russian Federation now occupies, according to facts from the International Energy Agency.

The EIA is due to publish its latest weekly USA production data on Wednesday.

Tillerson's firing increases risks to the multilateral agreement to limit Iran's nuclear capabilities, raising questions about potential effects on output by the third largest crude oil producer in the Organization of the Petroleum Exporting Countries.

That would be a reversal from a supply deficit in 2017 and early 2018.

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