Oil down on continued concerns over US output

Oil down on continued concerns over US output

Oil down on continued concerns over US output

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 USA shale output were vindicated by a 1.1 percent drop in West Texas Intermediate, the result of speculators cutting bullish bets on oil.

Crude oil prices slipped into negative territory early Monday, following big gains last week, as broader worldwide trade concerns spill into commodities.

Hours before late Tuesday's American Petroleum Institute's and Wednesday's U.S. Energy Information Administration's weekly inventories report, traders are eying a surge in U.S. production that could push inventories in the U.S. higher.

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U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading mixed early Monday.

"Last week's action was dictated by broader markets - movement in the dollar and the potential impact of steel tariffs", Matthew Smith, the director of commodity research at ClipperData, told UPI.

OPEC and external allies such as Russian Federation have been involved in a yearslong effort to eliminate about 2% of the global crude supply and prop up crude prices that underwent an nearly three-year downturn.

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Brent for May settlement added 12 cents to $65.61 a barrel on the London-based ICE Futures Europe exchange.

The reduction came as gross short positions on the New York Mercantile Exchange climbed to their highest level in almost a month. The U.S. benchmark gained $1.92 to $62.04 on Friday. "Not fair to our farmers and manufacturers". Some of the steel and aluminum products necessary for energy infrastructure are niche products not typically manufactured in the United States.

Additionally, U.S. crude production from major shale formations is expected to rise by 131,000 bpd in April from the previous month to a record 6.95 million bpd, the U.S. Energy Information (EIA) said in a monthly report on Monday.

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