Energy investors weighed increased U.
Energy 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.
Wood Mackenzie Ltd. last week forecast that USA crude shipments overseas will soar to nearly 4 million bpd by the mid-2020s, rivaling shipments from Iraq and Canada; and as far as Patterson is concerned, the Middle East won't give up Asia easily.
The price for Brent crude oil, the global benchmark, was down 0.52 percent as of 9:23 a.m. EST to $65.15 per barrel. During the session, U. "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".
On Friday, crude prices rose after U.
Crude prices rose on Friday after the USA economy added the biggest number of jobs in more than 1-1/2 years in February.
The Treasury Department will auction $21 billion in 10-year notes on Monday, as well as $28 billion in three-year notes.
While the producer group complied with a pledge to curb output and ease a glut in 2017, USA flows that are gaining a bigger slice of the prized Asian market may prompt some nations to boost supplies, said Warren Patterson, a commodities strategist at the Dutch bank. S. government debt, a positive sign for the heavy issuance expected in the year ahead.
"Nothing really stood out", said Goncalves, head of USA rates strategy at Nomura Securities International in New York."You can consider that a good thing, given this year will see more and more Treasuries issued". S. rates strategy at Nomura Securities International in NY.
"Auctions last month tailed", said Tom Simons, money market economist at Jefferies & Co in NY, referring to February's near-record issue of supply."If yields get a little too rich, you'll see a repeat of that scenario". "They continue to give market share away to the U.S".
The Nasdaq Composite was up 33.19 points, or 0.44 percent, at 7,594.00.
Wall Street's main indexes had closed up almost 2 percent on Friday on the strength of the jobs report, and have almost reclaimed losses sustained in recent weeks when investors feared that higher wages might lead to price pressures.
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. MIWD00000PUS hit a two-week high on Monday, while Hong Kong's Hang Seng Index closed up 1.93 percent.
Emerging market stocks rose 1.21 percent. The dollar index fell 0.05 percent, with the euro up 0.06 percent to $1.2312.
Gold at 1323.30 is trading above 1st support on the daily candle, and while above the support near 1310-1315, the price is likely to move up to 1340/50.