Oil prices retreat as data point to continued gains in USA output

David McNew  Getty Images

David McNew Getty Images

West Texas Intermediate, the USA marker, is now near $62 a barrel.

Brent crude, the benchmark for more than half the world's oil, traded at $65.07 a barrel at 10:11 a.m.in London on Monday, compared with about $45 in June.

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Oil prices settled with a loss on Monday (http://www.marketwatch.com/story/oil-prices-pull-back-from-strong-finish-last-week-as-market-renews-us-supply-watch-2018-03-12), giving back part of the sharp gains seen in the previous session as recent data showed a rise in weekly USA output, as well as expectations for a further increase in domestic production next month.

Both crude benchmarks dropped by around one per cent the previous session.

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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. Some of that early slide was probably profit-taking after a rise on Friday, said Jim Ritterbusch, president of energy advisory firm Ritterbusch & Associates.

"Oil prices fell on the back of concerns that surging United States production. could push inventories in the U.S. higher", ANZ bank said on Tuesday.

U. S. Stocks closed mixed, with the S&P 500 and Dow Jones Industrial Average ending in the red, while the Nasdaq Composite added about 28 points. S. crude fell as much as 2.21 percent. That is not far off the 2.957 percent yield on February 21, the highest since the instrument yielded more than 3 percent in January 2014. "They continue to give market share away to the U.S".

Wall Street's main indexes closed up almost 2 percent on Friday on the strength of the jobs report, and have almost reversed declines in recent weeks when investors feared that higher wages might lead to price pressures.

MSCI's world equity index . The dollar index fell 0.05 percent, with the euro up 0.06 percent to $1.2312. A stronger dollar would likely dent oil prices.

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