Crude oil prices are moving down because of the excessive production

Source Commonwealth Bank

The news is expected to be light on Monday so most traders expect the price action to be driven by the U.S. Dollar and appetite for risk.

Energy services firm Baker Hughes said on Friday that energy companies last week cut oil rigs for the first time in nearly two months.

"Crude oil futures are still stuck in a triangle, not able yet to show a convincing trend either way", Petromatrix analyst Olivier Jakob said.

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. This has reduced some of the enthusiasm for oil, with investors weighing increased US supply against the likelihood that OPEC will maintain production cuts that have been in effect for more than a year.

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Still, the United States is now the world's no. 2 crude oil producer, ahead of top exporter Saudi Arabia.

The predictions and the forecasts for the oil production are looking grim at an expected 11 million barrels per day and more by the end of the year.

Meanwhile, the International Energy Agency said last week it expects the U.S.to overtake Russian Federation as the world's largest oil producer by 2023, with output rising to 12.1 million barrels a day.

The commodity's prices were down in the market today extending their prior loss from the previous trading session.

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US West Texas Intermediate (WTI) crude futures were at $62.22 a barrel up 18 cents, or 0.3 per cent while Brent crude futures were at $65.70 per barrel, up 21 cents, or 0.3 per cent, from their previous close. Both the Brent and WTI saw a massive decline as they enter the market this week with a solid 1% decline.

On the other hand, the Iranian oil minister Bijan Zanganeh mentioned that the Organization of the Petroleum Exporting Countries or OPEC is going could come to a conclusion on their June meeting to ease the current production curbs by the year 2019.

Demand from Asia, particularly China, will continue to support prices.

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