Price of crude oil climbs in global market

Oil prices stable after two-day decline but rising U.S. output drags

U.S. crude production pushed up largely by shale oil drilling is expected to rise above 11 million bpd by late 2018. Image source Reuters

Brent crude, which is the worldwide benchmark of crude oil, had opened 2018 at $64.73.

That has undercut some of the enthusiasm for oil, as investors weigh increased U.S. supply against the likelihood that the Organization of the Petroleum Exporting Countries and non-Opec producers will maintain supply cuts that have been in effect for more than a year. West Texas Intermediate, the US benchmark for the price of oil, was down 0.6 percent to $61.67 per barrel.

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

Investor concerns about rising U. S.

US oil production gains nevertheless are offsetting an effort led by the Organization of Petroleum Exporting Countries to cut into the surplus on five-year oil inventories through output curtailments. 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. S. crude fell as much as 2.21 percent.

"We are maintaining a bearish trading stance in anticipation of a range in nearby WTI between about US$58 and US$63, Jim Ritterbusch, president of Ritterbusch and Associates, said in a note".

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

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"Auctions last month tailed", said Tom Simons, money market economist at Jefferies & Co in NY, referring to February's near-record issue of supply."If yields get a little too rich, you'll see a repeat of that scenario".

MSCI's world equity index .

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.

Last week's U.S.jobs data, as well as an easing of fears of a global trade war, boosted stocks across many parts of the world.

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

Oil prices shot up more than 3 percent in Friday trading after oil and gas services company Baker Hughes reported a dip in rig activity in North America.

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