London — Oil prices fell on Monday on expectations that US output will rise this year, erasing earlier gains due to lower weekly US rig counts and falling US unemployment. Brent crude futures were at $65.11 a barrel at 9.20am GMT, down 38c from their previous close. US West Texas Intermediate (WTI) crude futures fell 27c to $61.77 a barrel. 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. The reduction came as gross short positions on the New York Mercantile Exchange climbed to their highest level in nearly a month. "Rising production and inventory in the US has been reducing fund sentiment since it peaked at the end of January," ING said. Crude prices rose on Friday and earlier on Monday after the US economy added the biggest number of jobs in more than one-and-a-half years in February. In oil markets US energy companies cut oil rigs last week for the first time in almost two months, w...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.