Global crude oil prices fall on relentless rise in US crude output

Futures in NY were little changed after surging 3.2% on Friday, the most since July 25.

Additionally, U.S. crude production from major shale formations is expected to rise by 131,000 bpd in April from the previous month to a record 6.95 million bpd, the U.S. Energy Information (EIA) said in a monthly report on Monday.

The West Texas Intermediate (WTI) for April delivery was down 0.68 US dollar to settle at 61.36 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery lost 0.54 dollar to close at 64.95 dollars a barrel on the London ICE Futures Exchange.

"While Friday's favorable jobs data and oil rig decline might suggest a test of the high side of this expected range first, we still view downside price risk exceeding that to the upside", he said.

Oil risks sliding back under $60 a barrel as a surge in USA shipments to Asia threatens to undermine a deal between OPEC and its allies, according to ING Groep NV.

"The US economy getting better means oil demand will be stronger". "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". Total volume traded was about 23 percent below the 100-day average.

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May WTI Crude Oil settled at $61.33, down $0.59 or -0.95% and June Brent Crude Oil finished the session at $64.79, down $0.48 or -0.74%. The global benchmark traded at a $3.47 premium to May WTI.

In oil markets, US energy companies last week cut oil rigs for the first time in nearly two months RIG-OL-USA-BHI, with drillers cutting back four rigs, to 796, Baker Hughes (GE.N) energy services firm said on Friday.

While OPEC nations have shown a high level of compliance with their pledged cuts, United States shipments eating into the cartel's market share in Asia may prompt some nations to boost supplies, said Warren Patterson, a commodities strategist at ING Groep.

This week's Consumer Price Index (CPI) release, given its potential impact on the dollar, could be critical, said Bill Baruch, president of Blue Line Futures in Chicago.

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