Oil dips to $74 as rising US yields steer bulls amid rising crude output

Broader financial markets were under pressure from the rise in US government yields towards 3%

Oil eased on Monday on rising US borrowing costs and the prospect of further output rises after another increase in the weekly rig count, although the overall picture for crude remained bullish.

Brent crude futures were down 49 cents at $73.57 a barrel, while US West Texas Intermediate (WTI) crude futures fell 51 cents to $67.89 a barrel.
 

"Underlying sentiment is bullish ... we have got an important decision from (US President Donald) Trump coming up in May and we have OPEC potentially trying to ‘overtighten’ the market,” Saxo Bank senior manager Ole Hansen said. “(Fund managers) need a continuous flow