Oil price rises towards $70 on reduced United States drilling activity

Oil price rises have made US shale oil production profitable

Unlike Middle Eastern nations such as Saudi Arabia, which wants high crude prices to boost the value of its IPO of state-run Aramco, Iran expressed its concern over steadily-rising USA production by stating it wants to work with the Organization of the Petroleum Exporting Countries (OPEC) to keep prices at $60 and curtail the output.

The US economy added the biggest number of jobs in more than 1-1/2 years in February, with non-farm payrolls jumping by 313,000 jobs last month, the Labour Department said on Friday.

Both crude benchmarks dropped by around 1 percent on Monday after the U.S. Energy Information Administration said output from the shale basin would hit a new record high in April.

Brent crude, which is the global benchmark of crude oil, had opened 2018 at $64.73.

Energy 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.

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

"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".

Global Automotive Audio System Market 2018- Bowers & Wilkins, Hyundai Mobis
The second part gives a competitive analysis of Automotive Instrument Panel market and key market players operating in a market. This analysis provides a study on the regions that are expected to witness fastest growth during the forecast period.

The Treasury on Monday sold $28 billion of three-year notes and $21 billion of the 10-year notes, in what analyst George Goncalves called an "on-the-screws type auction".

Increased supply did not quell demand for the U.

"Nothing really stood out", said Goncalves, head of U. "They continue to give market share away to the U.S".

Emerging market stocks rose 1.21 percent.

The country's light oil price was reported $65.43 on average since the beginning of 2018 until March 2. Some of the pressure is coming from a recovery in the U.S. Dollar, which could affect foreign demand. The dollar index fell 0.05 percent, with the euro up 0.06 percent to $1.2312.

ING's Patterson agrees that keeping a lid on price hikes is necessary; in an interview in Singapore he said, "We need to see prices in the short-term trade below $60 to reduce that incentive for USA producers".

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