Monday, 21 May, 2018

After early year slump, crude oil returns to profit

Bloomberg Open this
Preston Stone | 13 March, 2018, 20:18

Both oil varieties lost about 1% of their value on Monday. The futures on USA crude oil with delivery in April fell by 0.20% to 61.24 Dollars per barrel.

Oil rose after Donald Trump fired Secretary of State Rex Tillerson on Tuesday, sparking a dollar fall and concern that a deal on Iran's nuclear programme could collapse. West Texas Intermediate, the USA marker, is now near $62 a barrel.

U.S. crude production from major shale formations was expected to rise in April to a record 6.95 million bpd, the U.S. Energy Information Administration (EIA) said on Monday. The most bullish scenario will be a weaker U.S. Dollar and higher equity prices.

"The market continues to flip back and forth on the idea that increased global demand and a production cut is going to support prices. but US production, and North American production levels in general, is going to negate a lot of the impact of that", said Gene McGillian, director of market research at Tradition Energy.

Brent crude futures LCOc1 dropped 52 cents to $64.46 per barrel by 12:30 p.m. EST (1630 GMT).

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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 USA crude production, according to Giovanni Staunovo, an analyst at UBS Wealth Management.

The Treasury Department will auction $21 billion in 10-year notes on Monday, as well as $28 billion in three-year notes.

The increase in rig count in the USA also points to more output to come in the future. Influencing the market are geopolitical factors, potential world crisis', supply and demand, and weather changes, just to name a few factors. The Dow Jones Industrial Average . fell 157.13 points, or 0.62 percent, to 25,178.61, the S&P 500 . lost 3.55 points, or 0.13 percent, to 2,783.02 and the Nasdaq Composite . added 27.52 points, or 0.36 percent, to 7,588.33.

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.

Last week's U.S.jobs data, as well as an easing of fears over a global trade war, boosted stocks across the world. DXY fell 0.21 percent, with the euro up 0.27 percent to $1.2338.

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