UPDATE 4-Oil, briefly up on lower rig counts, falls on U.S. output outlook
March 12 (Reuters) – Oil prices fell on Monday on expectations that U.S. output will rise this year, erasing earlier gains buoyed by lower weekly U.S. rig counts and falling U.S. unemployment.
Brent crude futures LCOc1 were at $65.11 per barrel at 0920 GMT, down 38 cents from their previous close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 fell 27 cents to $61.77 a barrel.
Helping the dip, hedge funds and money managers cut their bullish wagers on U.S. crude oil for the first time in three weeks, data showed on Friday.
The reduction came as gross short positions on the New York Mercantile Exchange 3067651MSHT climbed to their highest level in nearly a month. production and inventory in the United States has been reducing fund sentiment since it peaked at the end of January,” ING said in a note.
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