Economy

Oil down 1% on continued concerns over USA output

Oil down 1% on continued concerns over USA output

April West Texas Intermediate crude fell 68 cents, or 1.1%, to settle at $61.36 a barrel on the New York Mercantile Exchange.

However, if predictions from Warren Patterson, a commodities strategist at ING Groep NV, prove accurate, Iran has nothing to worry about: because US activity is angering OPEC allies to the degree they will soon abandon the cartel's production cutback deal, pump all out, and drive prices back down again.

ING's outlook is in contrast to bullish views from Royal Bank of Canada and Goldman Sachs Group Inc.to BMI Research and Societe Generale SA, which see prices supported as strong demand soaks up supply from the U.S. While Patterson does see healthy oil consumption, he said growth may slow and fail to completely absorb gaining American output.

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

"We are maintaining a bearish trading stance in anticipation of a range in nearby WTI between about US$58 and US$63, Jim Ritterbusch, president of Ritterbusch and Associates, said in a note".

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

Friday's strong USA payroll data, which showed a hefty 313,000 rise in jobs but tempered growth in hourly earnings, supported Treasuries in early trade.

Barbershop pharmacists may trim down high blood pressure
Black Americans also develop high blood pressure more often and at an earlier age than whites and Hispanics, according to the CDC. Researchers are now studying whether the initial blood pressure reductions can be sustained for another six months.

Benchmark 10-year notes last rose 8/32 in price to yield 2.8663 percent.

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

MSCI's world equity index hit a two-week high, while Hong Kong's Hang Seng Index closed up 1.93 percent. "They continue to give market share away to the U.S".

The country's light oil price was reported $65.43 on average since the beginning of 2018 until March 2.

Emerging market stocks rose 1.21 percent.

In currencies, investors' appetite for riskier bets hurt the U. The dollar index fell 0.05 percent, with the euro up 0.06 percent to $1.2312.


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