Both crude benchmarks dropped by around 1 percent on Monday after the U.S. Energy Information Administration said output from the shale basin would hit a new record high in April.
Hedge funds increased bets on falling West Texas Intermediate crude prices by the most this year, according to the U.S. Commodity Futures Trading Commission.
The United States has become the world's no. 2 crude oil producer, ahead of top exporter Saudi Arabia.
The split is driven by differing views over whether $70 a barrel would send US shale companies into a production frenzy that could cause prices to crash.
ING's outlook is in contrast to bullish views from Royal Bank of Canada and Goldman Sachs Group Inc.to BMI Research and Societe Generale SA, which see prices supported as strong demand soaks up supply from the U.S. While Patterson does see healthy oil consumption, he said growth may slow and fail to completely absorb gaining American output.
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 Labor Department said on Friday.
Tillerson's firing increases risks to the multilateral agreement to limit Iran's nuclear capabilities, raising questions about potential effects on output by the third largest crude oil producer in the Organization of the Petroleum Exporting Countries.
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He was like, 'You know what I'm gonna trade you a record deal if you get down on Mary J.'s ["You Don't Have To Worry (Remix)"]. Craig Mack , the '90s rap star who helped put Diddy's Bad Boy Records on the map, died at his home in SC of natural causes.
In February, even Saudi Arabia's state oil company considered participating in these flows via a US unit, before determining it wasn't economically viable at the time.
Oil markets climbed on Monday on the back of a drop in the number of United States rigs drilling for more production and as the USA economy continues to create jobs, which industry hopes will drive higher fuel demand. ICE gasoil, a benchmark for diesel fuel, changed hands at $571.75 a metric ton, up 0.6% from the previous settlement.
Last week's U.S.jobs data, as well as an easing of fears over a global trade war, boosted stocks across the world. The silver and copper fell by 0.19% and 0.42% respectively.
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. The dollar index fell 0.24 percent, with the euro up 0.26 percent at $1.2337.