Oil prices rise towards $70 fueling more subsidy fears

Oil prices rise towards $70 fueling more subsidy fears

Brent for May settlement added 14 cents to $65.63 a barrel on the London-based ICE Futures Europe exchange.

US crude CLcv1 fell 1.66 percent to $61.01 per barrel and Brent LCOcv1 was last at $64.58, down 1.39 percent on the day.

Futures in NY were little changed after surging 3.2% on Friday, the most since July 25.

"The big take away is the implied annual rate of change", James Williams, energy economist at WTRG Economics, told MarketWatch.

Investors will then be anticipating OPEC's next move as concerns about USA production will likely dominate the oil cartel's June meeting in Vienna.

The report followed data from the EIA last week (http://www.marketwatch.com/story/oil-prices-under-pressure-ahead-of-us-supply-data-2018-03-07), which showed an increase of 86,000 barrels a day in total USA crude output for the week ending March 2.

Williams also pointed out that based on the figures, USA shale plays this year will "add enough to US production to match all the oil Venezuela now produces".

Djokovic suffers 'weird' loss at Indian Wells as he returns from surgery
Grigor Dimitrov will not be in round three after the third seed fell to Spanish veteran Fernando Verdasco 7-6 (7/4) 4-6 6-3. He will now play against another American, Jack Sock, who beat Italy's Thomas Fabbiano 6-2, 7-5.

On Friday, Baker Hughes said the U.S. rig count dropped for the first time in seven weeks.

"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.

The Organization of the Petroleum Exporting Countries (OPEC), together with a group of other producers led by Russian Federation, has been withholding production since the start of 2017 to prop up prices. That split is driven by differing views over whether $70 a barrel sends US shale companies into a production frenzy that could cause prices to crash.

As the rig count fell, "the market is starting to think that USA shale oil production may not steadily grow, which is supporting oil prices", Takayuki Nogami, chief economist at state-backed Japan Oil, Gas & Metals National, said by phone from Tokyo. It was the first such decline in seven weeks.

Benchmark 10-year notes US10YT=RR last rose 2/32 in price to yield 2.8865 percent, from 2.894 percent on Friday.

"The strong shale oil revival is starting to get more attention", said Bjarne Schieldrop, chief commodities analyst at SEB Markets.

In other trading, April gasoline fell 0.5% to $1.894 a gallon, while April heating oil fell 1.2% to $1.865 a gallon. Only Russia pumps more, at almost 11-million barrels a day.

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