Oil prices move lower after Friday's rig-powered surge

Oil prices move lower after Friday's rig-powered surge

Crude oil prices fell Monday ahead of closely watched United States inflation data that may set the stage for interest rate hikes.

Wood Mackenzie Ltd. last week forecast that USA 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.

Brent crude futures were last up 11 cents on the day at $65.06 a barrel by 1017 GMT, up from an earlier low of $64.67, while U.S. West Texas Intermediate (WTI) crude futures were up 17 cents at $61.53 a barrel.

Iran's light crude oil price rose 79 cents in the week ended on March 2 to settle at $63.18 per barrel, Shana news agency reported on Sunday.

Investors are weighing increased USA 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.

Oil markets gained yesterday on the back of a drop in the number of U.S. rigs drilling for more production and as the USA economy continued to create jobs, which industry hopes will drive higher fuel demand.

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

"It just looked like some profit taking", said Jim Ritterbusch, president of energy advisory firm Ritterbusch & Associates.

Sen. Jeff Flake introduces legislation to nullify Trump's plan to raise tariffs
The competing economic instincts that are dividing Trump from the rest of his Republican Party were on full display Thursday. Dan Simmons, president of United Steelworkers Local 1899 in Granite City, Ill., said they "will allow us to compete".

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

"The rapidly growing US shale production is making it virtually impossible for prices to rise", according to analysts at Commerzbank. "They continue to give market share away to the U.S".

MSCI's world equity index .

The Dow Jones Industrial Average fell 104.75 points, or 0.41 percent, to 25,230.99 and the Nasdaq Composite added 36.21 points, or 0.48 percent, to 7,597.02.

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.

In currencies, investors' appetite for riskier bets hurt the U.

The Japanese yen strengthened 0.37 percent versus the greenback to 106.39 per dollar, while sterling was last trading at $1.3906, up 0.40 percent on the day.

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