Oil slides on speculation United States surge will undermine OPEC cuts

Price of crude oil climbs in international market

Oil-market news. Futures sliding into contango is just one indicator signaling that prices may come under pressure President Donald Trump, ousting Secretary of State Rex Tillerson, said he had disagreed with the chief USA diplomat over a nuclear accord with Iran.

Between November 2017 and February 2018, Indian crude oil imports from Venezuela averaged some 300,000 bpd, down by around 20 percent compared to the same period a year earlier, industry and shipping sources told Reuters on the condition of anonymity.

NAIJ.com gathers that Brent sweet crude was at 65.70 dollars per barrel, up 21 cents, or 0.3 per cent, from their previous close. "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".

Despite this, general market conditions remain weak, and crude prices have not managed to return to their early 2018 highs of over $70 per barrel for Brent and nearly $67 a barrel for WTI.

"The longer the deal goes on, it's going to start falling apart", Patterson said in an interview in Singapore, referring to an output-cut agreement between the Organization of Petroleum Exporting Countries and other producers including Russian Federation.

New indications of growing USA 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.

In currencies, investors' appetite for riskier bets caused the US dollar to inch down.

Trump Says Tillerson Out as Secretary of State, Replaced by Pompeo
He will do a fantastic job! Both she and Pompeo will have to be confirmed by the Senate. Gina Haspel will become the first woman director of the CIA, Trump said.

Increased supply did not quell demand for the notes, a positive sign for the heavy issuance expected in the year ahead.

The increase in rig count in the USA also points to more output to come in the future. The silver and copper fell by 0.19% and 0.42% respectively.

Investors are focused on today on United States consumer price index data.

Last week's jobs data, as well as an easing of fears of a global trade war, also boosted stocks across many parts of the world.

MSCI's world equity index hit a two-week high, while Hong Kong's Hang Seng Index closed up 1.93 percent.

In currencies, investors' appetite for riskier bets caused the US dollar to inch down.

The Japanese yen strengthened 0.41 percent versus the greenback to 106.35 per dollar, while sterling was last trading at $1.3908, up 0.42 percent on the day.

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