Global crude oil prices fall on relentless rise in US crude output

Source Commonwealth Bank

LONDON, March 13 (Reuters) - Oil rose on Tuesday, after Libya said loadings of crude at a key port had been suspended, offseting an earlier dent to the price caused by evidence of the inexorable growth in USA oil output.

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. US West Texas Intermediate (WTI) crude futures fell 68 cents, or 1.1 per cent, to settle at US$61.36 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.

Investors are weighing increased USA supply against the likelihood that the Organization of the Petroleum Exporting Countries 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 US shale plays is expected to see a climb", said Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore. The resulting fallout could drag down crude prices after a rally of more than 40 percent since June, he said.

This week's Consumer Price Index (CPI) release, given its potential impact on the dollar, could be critical, said Bill Baruch, president of Blue Line Futures in Chicago.

Crude prices rose on Friday after the USA economy added the biggest number of jobs in more than 1-1/2 years in February.

USA stocks, though, were mixed on Monday, with the S&P 500 down 2.08 points, or 0.07 percent, at 2,784.49 and the Dow Jones Industrial Average lower by 127.52 points, or 0.5 percent, at 25,208.22.

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

Emerging market stocks rose 1.21 percent.

Last week's U.S.jobs data, as well as an easing of fears of a global trade war, boosted stocks across many parts of the world. Some of the pressure is coming from a recovery in the U.S. Dollar, which could affect foreign demand. A stronger dollar would likely dent oil prices.

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