Oil prices fall on relentless rise in USA crude output

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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.

Friday's strong USA payroll data, which showed a hefty 313,000 rise in jobs but tempered growth in hourly earnings, supported Treasuries in early trade.

Brent crude, which is the worldwide benchmark of crude oil, had opened 2018 at $64.73.

During the said week, Organization of Petroleum Exporting Countries (OPEC)'s basket price stood at $63.58 per barrel with $49 cents increase compared to the preceding week.

"Oil prices moved lower. after (the) Energy Information Administration published a report that crude production from seven major US shale plays is expected to see a climb", said Stephen Innes who is head of trading for Asia/Pacific at futures brokerage OANDA in Singapore.

Broader markets were roiled by U.S. President Donald Trump's decision to go ahead with tariffs in imported steel and aluminum, sparking fears of a trade war.

On Monday, benchmark 10-year notes last rose 8/32 in price to yield 2.8663 percent, hovering near multi-year highs.

But the analyst seems to think this might be a fait accompli, because the OPEC deal is giving "market share to the U.S." via a surge in exports to the coveted Asian market, the traditional bastion of Middle East producers - and that this will encourage some nations to retaliate by boosting supply.

US stocks, though, were little changed on Monday, with the S&P 500 up 0.1 points, or 0.00 percent, to 2,786.67.

MSCI's world equity index .

Emerging market stocks rose 1.21 percent.

US stocks, though, were mixed on Monday, with the S&P 500 down 2.08 points, or 0.07 percent, at 2,784.49 and the Dow Jones Industrial Average lower by 127.52 points, or 0.5 percent, at 25,208.22. The Dow Jones Industrial Average . fell 157.13 points, or 0.62 percent, to 25,178.61, the S&P 500 . lost 3.55 points, or 0.13 percent, to 2,783.02 and the Nasdaq Composite . added 27.52 points, or 0.36 percent, to 7,588.33.

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.

"We're seeing some positive follow-through, but it would not surprise me to see some profit-taking coming off a very powerful performance on Friday", said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey.

In currencies, investors' appetite for riskier bets hurt the U. The dollar index fell 0.24 percent, with the euro up 0.26 percent at $1.2337.

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.