Oil prices settled with a loss on Monday (http://www.marketwatch.com/story/oil-prices-pull-back-from-strong-finish-last-week-as-market-renews-us-supply-watch-2018-03-12), giving back part of the sharp gains seen in the previous session as recent data showed a rise in weekly USA output, as well as expectations for a further increase in domestic production next month.
The U.S. economy added the biggest number of jobs in more than 1-1/2 years in February, with non-farm payrolls jumping by 313,000 jobs last month, the Labor Department said on Friday, March 9.
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 markets continued to flip back and forth over the past weeks due to excless supply, increasing USA production and soaring global demand.
Oil market participants are looking ahead to monthly reports from OPEC and the IEA this week to see whether the agencies increase their forecasts for US crude production, according to Giovanni Staunovo, an analyst at UBS Wealth Management. But U.S. crude fell as much as 2.21 percent on Monday, to $60.67 per barrel, before bouncing back to $61.35, down 1.11 percent.
"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". Cocoa, however, rises by 3.29% to 2,546 Dollars per metric ton.
On Monday, benchmark 10-year notes last rose 8/32 in price to yield 2.8663 percent, hovering near multi-year highs.
Increased supply did not quell demand for the U. "We need to see prices in the short-term trade below $60 to reduce that incentive for USA producers", he said.
Last week's U.S.jobs data, as well as an easing of fears over a global trade war, boosted stocks across the world.
Investors are focused on today on USA consumer price index data.
Emerging market stocks rose 1.21 percent.
"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 caused the USA dollar to inch down. S. dollar. The dollar index .