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Oil slips as higher U.S. output looms despite dip in drilling

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices gave up earlier gains on Monday as rising U.S. output loomed over markets, despite a slowdown in rig drilling activity. U.S. West Texas Intermediate (WTI) crude futures were at $61.91 a barrel at 0755 GMT, down 13 cents, or 0.2 percent.Brent crude futures were at $65.38 per barrel, down 11 cents, or 0.2 percent, from their previous close.Analysts said a liquidation of long positions had contributed to the dips."Money managers liquidated 15,416 long positions in WTI last week while creating 4,386 new shorts," Dutch bank ING said on ...

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First Published: Mon, March 12 2018. 13:31 IST