Pipelines at Enbridge Inc.'s tank farm in Oklahoma. Oil futures have been buffeted as U.S. output has increased and crude stocks have swelled to record highs
Oil prices were down on Monday as investors grappled with ongoing concerns over rising USA output and tight OPEC supply, while the benchmark US yield hovered near multi-year highs ahead of an auction later in the day.
The EIA last week also raised its production estimate for the full year, saying it expects total US crude production to rise by 1.4 million barrels a day in 2018. West Texas Intermediate, the USA benchmark for the price of oil, was down 0.6 percent to $61.67 per barrel.
The price for Brent crude oil, the global benchmark, was down 0.52 percent as of 9:23 a.m. EST to $65.15 per barrel. S. supply against the likelihood that the Organization of the Petroleum Exporting Countries (OPEC) will maintain supply cuts that have been in effect more than a year.
"Oil prices moved lower. after (the) Energy Information Administration published a report that crude production from seven major USA shale plays is expected to see a climb", said Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore.
"The rapidly growing USA shale production is making it virtually impossible for prices to rise", according to analysts at Commerzbank.
WWE Raw results: Braun Strowman going to WrestleMania; Roman Reigns suspended
The Wrestling Observer Newsletter claimed there was a chance he would not even wrestle at the Show of Shows . Despite being one of the hottest Superstars in WWE , Strowman has become a WrestleMania orphan of sorts.
Arnold Schwarzenegger in Austin for SXSW Politico podcast
Schwarzenegger has often been critical of Trump, who has also mocked the actor for being fired over his "pathetic ratings" in The Apprentice previous year .
49ers among finalists to land All-Pro guard Andrew Norwell, per report
Their cap space increased after the weekend release of cornerback Dominique Rodgers-Cromartie and punter Brad Wing. Norwell has narrowed his list of teams down to three: the San Francisco 49ers, Indianapolis Colts and Giants .
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.
Benchmark 10-year notes last rose 2/32 in price to yield 2.8865 percent, from 2.894 percent on Friday. Some of that early slide was probably profit-taking after a rise on Friday, said Jim Ritterbusch, president of energy advisory firm Ritterbusch & Associates. That is not far off the 2.957 percent yield on February 21, the highest since the instrument yielded more than 3 percent in January 2014.
MSCI's world equity index .
"Secretary of Commerce Wilbur Ross will be speaking with representatives of the European Union about eliminating the large tariffs and barriers they use against the United States of America", he stated. Some of the pressure is coming from a recovery in the U.S. Dollar, which could affect foreign demand.
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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13 March 2018Markets Right Now: A mixed finish for USA stock indexes
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13 March 2018Mourinho mocks 'worst manager' De Boer over Rashford
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