Oil prices fall on relentless rise in USA crude output

While accelerating global growth and OPEC's supply cuts have helped crude oil rally since last summer, the prospect of surging United States production and slowing growth in the future is weighing on the commodity.

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 US 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.

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading mixed early Monday. The contract on Friday jumped over 3% to settle at $62.04 a barrel on the New York Mercantile Exchange, turning what would've been a weekly loss into a climb of roughly 1.3% from the week-ago settlement.

Brent crude futures were at $65.11 per barrel, down 38 cents from their previous close.

The crude oil production in the U.S. rose to over 10 million barrels per day by the end of 2017, according to the International Energy Agency.

OPEC has been reducing output by around 1.2 million barrels per day (bpd) since January 2017.

Latest US oil production data will be released on Wednesday.

Oil markets continued to flip back and forth over the past weeks due to excless supply, increasing US production and soaring global demand.

"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.

Crude oil prices are lower today after falling yesterday. "We need to see prices in the short-term trade below US$60 to reduce that incentive for USA producers", he said.

On Friday, Baker Hughes (BHGE) said that the number of active USA rigs drilling for oil (http://www.marketwatch.com/story/baker-hughes-reports-first-fall-in-us-oil-rig-count-in-7-weeks-2018-03-09) fell by four to 796 this week. 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.

April natural gas bucked the downtrend among its energy peers, settling up 1.7% at $2.778 per million British thermal units, with forecasts for more cold weather in the eastern US boosting expectations for heating demand.

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