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Some bad news Nigeria, crude oil price has fallen again

13 March 2018

Reuters reports that U.S. West Texas Intermediate (WTI) crude futures were sold at $61.18 a barrel at 0747 GMT, down 18 cents, or 0.3 percent, from their previous close.

Brent crude, the benchmark for more than half the world's oil, traded at $65.07 a barrel at 10:11 a.m.in London on Monday, compared with about $45 in June.

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

Oil prices fell on Monday as investors grappled with ongoing concerns over rising U.S. output and tight Opec supply, while last week's data showing speculators cut bets on oil suggested more selling could be seen.

The EIA last week also raised its production estimate for the full year, saying it expects total USA crude production to rise by 1.4 million barrels a day in 2018.

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 Labor Department said on Friday. Some of that early slide was probably profit-taking after a rise on Friday, said Jim Ritterbusch, president of energy advisory firm Ritterbusch & Associates. "We have monthly reports from the International Energy Agency and OPEC in the coming days to influence prices, but for now, crude is having a downbeat start to the week, unwinding some of Friday's effervescent rally".

"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 United States 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.

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.

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. The dollar tends to have an inverse relationship with oil prices, as a weaker greenback makes dollar-denominated commodities cheaper for holders of other currencies.

Some bad news Nigeria, crude oil price has fallen again