Oil slips as higher USA output looms despite dip in drilling

Traders work on the floor at the New York Stock Exchange in Manhattan New York

Oil slips as higher USA output looms despite dip in drilling

Gross short positions on the New York Mercantile Exchange 3067651MSHT climbed to their highest in almost a month.

Brent crude futures LCOc1 slipped 54 cents, or 0.8 percent, to settle at $64.95 per barrel.

"A falling rig count and the strong employment data may have helped support prices", NAN quoted William O'Loughlin, investment analyst at Rivkin Securities, to have said.

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"The market continues to flip back and forth on the idea that increased global demand and a production cut is going to support prices. but USA production, and North American production levels in general, is going to negate a lot of the impact of that", said Gene McGillian, director of market research at Tradition Energy.

Oil prices decrease on Monday as data showed traders have cut bullish bets on oil.

US West Texas Intermediate (WTI) crude futures were at $61.25 a barrel at 4.14am GMT, down 11c or 0.2% from their previous close.

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In oil markets, US energy companies last week cut oil rigs for the first time in nearly two months RIG-OL-USA-BHI, with drillers cutting back four rigs, to 796, Baker Hughes energy services firm said on Friday.

The U.S.jobs report topped estimates last week, increasing confidence in the world's biggest economy, giving a boost to the outlook for energy demand and driving benchmark crude prices up 3.2 percent on Friday. 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.

That is more than top exporter Saudi Arabia producers and almost as much as Russian Federation pumps out, at nearly 11 million bpd.

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"Our view is still that we have more downside oil prices ahead of us in the short term", SEB said in a note. Iran wants OPEC to work to keep oil prices at about $60 a barrel as an increase toward $70 will encourage shale oil output, Oil Minister Bijan Zanganeh said, the Wall Street Journal reported.

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