Oil prices move lower after Friday's rig-powered surge

Oil prices stable after two-day decline but rising U.S. output drags

"The ever-expanding USA supply continues to pose significant downside risk to oil prices", said Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore. While Friday's jump helped push prices higher for the week, futures are still below their peak in January, with the market struggling to recoup losses from last month's broader market slump.

West Texas Intermediate for April delivery traded at $62.06 a barrel on the New York Mercantile Exchange, up 2 cents at 1:35 p.m.in Tokyo.

"Venezuela is obliged to supply barrels to China and Russian Federation to pay back debts, so not too much is left for others, mainly India", Ehsan Ul-Haq, director of crude oil and refined products at consultancy Resource Economist, told Reuters.

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.

In oil markets U.S. energy companies cut oil rigs last week for the first time in nearly two months, with drillers cutting back four rigs, to 796, Baker Hughes energy services firm said on Friday.

Oil prices shot up more than 3 percent in Friday trading after oil and gas services company Baker Hughes reported a dip in rig activity in North America.

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Oil prices fell with the release of this EIA report on Monday and it looks like the downside pressure will continue on Tuesday. Total volume traded was about 37 percent below the 100-day average.

Both crude benchmarks dropped by around one per cent the previous session.

Showing the lowest level since 2015, U.S. crude inventories dropped 1.1 million barrels in the week of January 19, according to the Energy Information Administration (EIA).

Workers at Libya's Zawiya oil export terminal started a strike on Monday over delayed salary payments, according to people with knowledge of the matter, who asked not to be identified because they are not authorized to speak to media.

USA crude oil production soared past 10 million barrels per day (bpd) in late 2017, overtaking output by top exporter Saudi Arabia.

Among refined products, Nymex reformulated gasoline blendstock-the benchmark gasoline contract-was down 0.5%, at $1.89 a gallon.

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