Crude oil prices could weaken if the dollar rallies and stocks weaken.
LONDON-Oil prices edged up Tuesday morning, even as fresh signs of rising US shale production appeared to put a cap on prices. The West Texas Intermediate or WTI curd was trading at $61.25 a barrel, shedding a total of 11 cents or a total of 0.2% decline from its previous closing prices.
The rising USA output comes largely on the back of onshore shale oil production.
Mr Tillerson's firing increases risks to the multilateral agreement to limit Iran's nuclear capabilities, raising questions about potential effects on output by the third largest crude oil producer in the Organization of the Petroleum Exporting Countries.
"Secretary of Commerce Wilbur Ross will be speaking with representatives of the European Union about eliminating the large tariffs and barriers they use against the United States of America", he stated. ING forecasts Brent at US$57 in the second half of 2018.
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.
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Crude's rebound since previous year is encouraging American drillers to pump even as they make efforts to be disciplined on spending, Patterson said. Prices could trade sideways if the dollar strengthens along with stocks.
As American output continues to expand, more exports will sail to Asia, the traditional bastion of Middle East producers.
New indications of growing US output come as the Organization of the Petroleum Exporting Countries-which has been holding back output by 1.8 million barrels a day since the start of last year-is divided over how high the price of oil should be. In February, even Saudi Arabia's state oil company considered participating in these flows via a USA unit, before determining it wasn't economically viable at the time.
U.S. tight oil production, or shale fracking, should rise by 131,000 barrels a day in April, to a record of 6.95 million barrels a day, according to the U.S. Energy Information Administration's latest drilling report released this week. Asia is the biggest buyer of the supplies.
Oil-market news. Futures sliding into contango is just one indicator signaling that prices may come under pressure President Donald Trump, ousting Secretary of State Rex Tillerson, said he had disagreed with the chief USA diplomat over a nuclear accord with Iran.
He concluded, "We think compliance is likely to slip; the deal will still officially be in place, but once we get into 2019 there's no chance that we will see some sort of deal".