Gold, Silver, Copper and Crude Oil Briefing

Oil price rises have made US shale oil production profitable

Brent crude futures were last up 11 cents on the day at $65.06 a barrel by 1017 GMT, up from an earlier low of $64.67, while U.S. West Texas Intermediate (WTI) crude futures were up 17 cents at $61.53 a barrel.

"The rapidly growing USA shale production is making it virtually impossible for prices to rise", according to analysts at Commerzbank.

Despite the lower rig count, which is an early indicator of future output, activity remains much higher than a year ago when, when just 617 rigs were active, and most analysts expect USA crude oil production, which has already risen by over a fifth since mid-2016, to 10.37 million barrels per day (bpd), to rise further.

Additionally, U.S. crude production from major shale formations is expected to rise by 131,000 bpd in April from the previous month to a record 6.95 million bpd, the U.S. Energy Information (EIA) said in a monthly report on Monday.

During the said week, Organization of Petroleum Exporting Countries (OPEC)'s basket price stood at $63.58 per barrel with $49 cents increase compared to the preceding week.

United Kingdom : 2 in hospital after suspicious package at MP office
Yesterday two people were taken to hospital after a suspicious package was sent to the office of Labour MP Mohammad Yasin. Two were sent to Portcullis House and Norman Shaw Buildings on Monday, both of which were later deemed non-harmful.

"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 US 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. S. crude fell as much as 2.21 percent.

U. S. Stocks closed mixed, with the S&P 500 and Dow Jones Industrial Average ending in the red, while the Nasdaq Composite added about 28 points.

MSCI's world equity index . "They continue to give market share away to the U.S".

Wall Street's main indexes had closed up almost 2 percent on Friday on the strength of the jobs report, and have almost reclaimed losses sustained in recent weeks when investors feared that higher wages might lead to price pressures. Some of the pressure is coming from a recovery in the U.S. Dollar, which could affect foreign demand.

The Japanese yen strengthened 0.21 percent versus the greenback at 106.56 per dollar, while Sterling was last trading at $1.3884, up 0.25 percent on the day.

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