March 22, 2018

Some bad news Nigeria, crude oil price has fallen again

13 March 2018, 08:16 | Joann Bryant

Oil Holds Gain as US Drilling Eases for First Time in 7 Weeks

Iran's light crude oil price up 79 cents in a week

Crude oil futures are trading lower early Tuesday, extending its losses from the previous session.

Brent crude futures were last up 11c on the day at $65.06 a barrel by 10.17am GMT, up from an earlier low of $64.67, while US West Texas Intermediate (WTI) crude futures were up 17c at $61.53 a barrel.

Aside from cryptocurrencies being the main subject of the markets recently, commodities are reaching new heights with crude oil on the rise with solid growth. West Texas Intermediate, the USA marker, is now near $62 a barrel.

Oil prices fell on Tuesday, extending losses from the previous session, as the inexorable rise in USA crude output weighed on markets.

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.

That has undercut some of the enthusiasm for oil, as investors weigh increased USA 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.

"Oil prices fell on the back of concerns that surging USA production. could push inventories in the US higher", ANZ bank said on Tuesday.

Hedge funds and money managers pared their bullish wagers on US crude oil, with long positions falling last week for the first time in three weeks. 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.

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

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

MSCI's world equity index hit a two-week high, while Hong Kong's Hang Seng Index closed up 1.93 percent.

Emerging market stocks rose 1.21 percent.

The increase in rig count in the US also points to more output to come in the future.

The Dow Jones Industrial Average .DJI fell 104.75 points, or 0.41 percent, to 25,230.99 and the Nasdaq Composite .IXIC added 36.21 points, or 0.48 percent, to 7,597.02.

Investors are focused on today on USA consumer price index data. S. dollar. The dollar index .

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