Oil, briefly up on lower rig counts, falls on USA output outlook

A general view shows the al Shuaiba oil refinery in southwest Basra

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

"The market continues to flip back and forth on the idea that increased global demand and a production cut is going to support prices. but USA production, and North American production levels in general, is going to negate a lot of the impact of that", said Gene McGillian, director of market research at Tradition Energy.

Brent crude oil could slide below $60/bbl as a surge in US shipments to Asia threatens to undermine the production cut deal between OPEC and its allies, according to ING analysts, in contrast to bullish views from Goldman Sachs and others who see prices supported as strong demand soaks up supply from the U.S.

Sir Tim Berners-Lee stays committed to the World Wide Web
Berners-Lee said this will result in "far less" innovation over the next 20 years than that seen during the web's infancy. Facebook , which boasts 2.2. billion users, has come under fire for the proliferation of fake news on its platform.

US West Texas Intermediate (WTI) crude futures were at $61.20 a barrel at 0122 GMT, down 16 cents, or 0.2 per cent, from their previous close. The dollar tends to have an inverse relationship with oil prices, as a weaker greenback makes dollar-denominated commodities cheaper for holders of other currencies. "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 34% below the 100-day average. The contract climbed 3% to $65.49 on Friday. That followed government data showing the U.S. added 313 000 jobs in February, the biggest increase since July 2016 and more than the median estimate of 205 000 new positions.

American explorers cut the number of rigs drilling for oil by four, the first decline since mid-January, Baker Hughes data showed Friday.

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.

Facebook obtains exclusive rights to stream 25 Major League Baseball games this season
The dueling announcements highlight the emerging arms race in the tech industry to lure users with live streaming sports events. The games will air on weekday afternoons, and MLB Network will produce the broadcasts to ensure TV-level quality.

It is not clear when the deal to withhold output will end, but Iranian oil minister Bijan Zanganeh said Opec could agree in June to begin easing current oil production curbs in 2019, the Wall Street Journal reported yesterday.

The US consumer price index comes out Tuesday. Contributions of 200 words or more will be considered for publication.

Hearthstone: 6 new cards from the new 'Witchwood' expansion
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