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13 March 2018, 08:16 | Cesar Cruz
Industrial metals slump to a 12-week low; rising supply hits oil
Helping the dip, hedge funds and money managers cut their bullish wagers on US crude oil for the first time in three weeks, data showed on Friday.
Crude oil futures are trading lower early Tuesday, extending its losses from the previous session.
Oil markets climbed on Monday, March 12, on the back of a drop in the number of United States rigs drilling for more production and as the USA economy continued to create jobs, which industry hopes will drive higher fuel demand, NAN reports. West Texas Intermediate, the US marker, is now near $62 a barrel.
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.
"We are maintaining a bearish trading stance in anticipation of a range in nearby WTI between about $58 and $63, Jim Ritterbusch, president of Ritterbusch and Associates, said in a note".
Hours before late Tuesday's American Petroleum Institute's and Wednesday's U.S. Energy Information Administration's weekly inventories report, traders are eying a surge in U.S. production that could push inventories in the U.S. higher.
The oil prices are looking to continue their slump this week as the growing output numbers continue to drive investors wary. ICE gasoil, a benchmark for diesel fuel, changed hands at $571.75 a metric ton, up 0.6% from the previous settlement.
The Treasury on Monday sold $28 billion of three-year notes and $21 billion of the 10-year notes, in what analystGeorge Goncalves called an "on-the-screws type auction".
The increase in rig count in the USA also points to more output to come in the future.
Increased supply did not quell demand for the U. Prices could trade sideways if the dollar strengthens along with stocks. The silver and copper fell by 0.19% and 0.42% respectively.
MSCI's world equity index hit a two-week high, while Hong Kong's Hang Seng Index closed up 1.93 percent.
Wall Street's main indexes closed up almost 2 percent on Friday on the strength of the jobs report, and have almost reversed declines in recent weeks when investors feared that higher wages might lead to price pressures.
Emerging market stocks rose 1.21 percent. DXY fell 0.21 percent, with the euro up 0.27 percent to $1.2338.
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