Markets

Oil down 1 percent on continued concerns over US output

Oil down 1 percent on continued concerns over US output

Despite the drop in the rig count, which is often used an as early indicator of future production, activity remains much higher than a year ago when just 617 rigs were active.

The great thing about so many conflicting predictions within the analytical community about the crude market is that no matter what happens, a good portion of that community will be proven correct: and so on Monday those who anxious about the impact of rising US shale output were vindicated by a 1.1 percent drop in West Texas Intermediate, the result of speculators cutting bullish bets on oil.

Both WTI and Brent as recently as Thursday had marked their lowest settlements since mid-February.

The United States has become the world's no. 2 crude oil producer, ahead of top exporter Saudi Arabia.

"The big take away is the implied annual rate of change", James Williams, energy economist at WTRG Economics, told MarketWatch.

The report followed data from the EIA last week (http://www.marketwatch.com/story/oil-prices-under-pressure-ahead-of-us-supply-data-2018-03-07), which showed an increase of 86,000 barrels a day in total USA crude output for the week ending March 2.

Two Congress members expelled, 11 suspended from TS Assembly
Earlier, the address was marred by slogan-shouting Congress members who accused the TRS government of being "anti-farmer". Following the ruckus, the TRS alleged that several Congress legislators were drunk, adding that they could prove it.

The rising USA output comes largely on the back of onshore shale oil production. A stronger dollar would likely dent oil prices. The news is not likely to change the outlook for rising US production which is now up to 10.37 million barrels per day (bpd). "But they may say we can't have these high prices and scale back the cuts".

According to Baker Hughes energy services firm, USA energy companies cut oil rigs for the first time in nearly two months, with drillers cutting back four rigs, to 796.

Meanwhile, data out Friday did show that hedge funds and money managers cut their bullish bets on US crude oil for the first time in three weeks.

Although crude's value has risen over 20% in the last six months, oil futures have been buffeted by a short-term bearish prognosis as USA output has revved up and crude stocks have swelled to record highs.

In other trading, April gasoline fell 0.5% to $1.894 a gallon, while April heating oil fell 1.2% to $1.865 a gallon.


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