Helping the dip, hedge funds and money managers cut their bullish wagers on USA crude oil for the first time in three weeks, data showed on Friday.
The US economy added the biggest number of jobs in more than 1-1/2 years in February, with non-farm payrolls jumping by 313,000 jobs last month, the Labour Department said on Friday.More news: Probation for student who rubbed tampon blood on Jamaican's bag
Brent crude futures slipped 54 cents, or 0.8 per cent, to settle at US$64.95 per barrel.
"Oil prices moved lower. after (the) Energy Information Administration published a report that crude production from seven major USA shale plays is expected to see a climb", said Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore.More news: Relief at British parliament after suspect package given all-clear
"Auctions last month tailed", said Tom Simons, money market economist at Jefferies & Co in NY, referring to February's near-record issue of supply."If yields get a little too rich, you'll see a repeat of that scenario".
"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.More news: In Ireland, there were mass protests against abortion
"We've seen stable, modest wage growth, nothing that should be considered harmful for equity markets", Bahuguna said. "What we're looking ahead to is the inflation report". They have almost reversed declines in recent weeks as investors had begun to fear higher wages might lead to price pressures. MIWD00000PUS hit a two-week high on Monday, while Hong Kong's Hang Seng Index closed up 1.93 percent. DXY fell 0.21 percent, with the euro up 0.27 percent to $1.2338. 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.