Oil prices fall while demand for US Treasuries stays strong

Oil prices fall while demand for US Treasuries stays strong

Crude oil prices fell Monday ahead of closely watched USA inflation data that may set the stage for interest rate hikes.

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.

But in a sign that an early-year rally in crude oil may have fizzled out, money managers cut their combined net long positions in the six most important futures and options contracts linked to petroleum prices by 50 million barrels in the week to March 6.

Investors are weighing increased US 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.

New indications of growing US output come as the Organization of the Petroleum Exporting Countries-which has been holding back output by 1.8 million barrels a day since the start of last year-is divided over how high the price of oil should be.

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

"Meanwhile, the EIA confirmed, or possibly made worse, what we already knew about USA shale output, which is relentlessly marching higher".


U. S. Stocks closed mixed, with the S&P 500 and Dow Jones Industrial Average ending in the red, while the Nasdaq Composite added about 28 points.

Emerging market stocks rose 1.21 percent.

U. S. stocks closed mixed.

The broader trend remained positive for Wall Street's main indexes, which had closed up almost 2 percent on Friday on the strength of the jobs report.

"We're seeing some positive follow-through, but it would not surprise me to see some profit-taking coming off a very powerful performance on Friday", said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey. S. dollar. The dollar index .

Oil prices shot up more than 3 percent in Friday trading after oil and gas services company Baker Hughes reported a dip in rig activity in North America.

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