After early year slump, crude oil returns to profit

Oil price rises have made US shale oil production profitable

After early year slump, crude oil returns to profit

Oil prices fell on Tuesday, extending falls from the previous day, as the relentless rise in USA crude output weighed on markets.

Friday's strong US payroll data, which showed a hefty 313,000 rise in jobs but tempered growth in hourly earnings, supported Treasuries in early trade.

Both crude benchmarks dropped by around 1 percent on Monday after the U.S. Energy Information Administration said output from the shale basin would hit a new record high in April.

May WTI Crude Oil settled at $61.33, down $0.59 or -0.95% and June Brent Crude Oil finished the session at $64.79, down $0.48 or -0.74%. Some of that early slide was probably profit-taking after a rise on Friday, said Jim Ritterbusch, president of energy advisory firm Ritterbusch & Associates.

Investors are weighing increased US supply against the likelihood that the Organization of the Petroleum Exporting Countries will maintain supply cuts that have been in effect more than a year. "We have monthly reports from the International Energy Agency and OPEC in the coming days to influence prices, but for now, crude is having a downbeat start to the week, unwinding some of Friday's effervescent rally".

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Oil markets climbed on Monday on the back of a drop in the number of United States rigs drilling for more production and as the U.S. economy continues to create jobs, which industry hopes will drive higher fuel demand.

On Monday, benchmark 10-year notes last rose 8/32 in price to yield 2.8663 percent, hovering near multi-year highs.

The Treasury on Monday sold $28 billion of three-year notes and $21 billion of the 10-year notes, in what analyst George Goncalves called an "on-the-screws type auction".

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.

"Nothing really stood out", said Goncalves, head of U.

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"Secretary of Commerce Wilbur Ross will be speaking with representatives of the European Union about eliminating the large tariffs and barriers they use against the United States of America", he stated.

The Nasdaq Composite was up 33.19 points, or 0.44 percent, at 7,594.00.

The country's light oil price was reported $65.43 on average since the beginning of 2018 until March 2.

MSCI's world equity index . The dollar index fell 0.24 percent, with the euro up 0.26 percent at $1.2337.

The Japanese yen strengthened 0.21 percent versus the greenback at 106.56 per dollar, while Sterling was last trading at $1.3884, up 0.25 percent on the day.

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