Published: Tue, March 13, 2018
Business | By Kate Woods

United States crude falls 1 percent on concerns over rising output

United States crude falls 1 percent on concerns over rising output

Both crude benchmarks have increased by nearly 60% since the middle of 2017.

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

Benchmark 10-year notes US10YT=RR last rose 2/32 in price to yield 2.8865 percent, from 2.894 percent on Friday.

Oil markets climbed on Monday, March 12, on the back of a drop in the number of United States rigs drilling for more production and as the USA economy continued to create jobs, which industry hopes will drive higher fuel demand, NAN reports.

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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.

Crude prices rose on Friday after the USA economy added the biggest number of jobs in more than 1-1/2 years in February.

Oil market participants are looking ahead to monthly reports from OPEC and the IEA this week to see whether the agencies increase their forecasts for US crude production, according to Giovanni Staunovo, an analyst at UBS Wealth Management. The Organization of Petroleum Exporting Countries and its allies pledge to curb output may be undermined as the US ships more oil to Asia, according to ING Groep NV.

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. Cocoa, however, rises by 3.29% to 2,546 Dollars per metric ton.

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USA stocks, though, were mixed on Monday, with the S&P 500 down 2.08 points, or 0.07 percent, at 2,784.49 and the Dow Jones Industrial Average lower by 127.52 points, or 0.5 percent, at 25,208.22.

The Treasury Department will auction $21 billion in 10-year notes on Monday, as well as $28 billion in three-year notes. Prices could trade sideways if the dollar strengthens along with stocks.

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

MSCI's world equity index .

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Wall Street's main indexes had closed up almost 2 percent on Friday on the strength of the jobs report, and have almost reclaimed losses sustained in recent weeks when investors feared that higher wages might lead to price pressures. DXY fell 0.21 percent, with the euro up 0.27 percent to $1.2338.

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