Oil down 1 percent on continued concerns over U.S. output

Oil down 1 percent on continued concerns over U.S. output:

"Oil prices fell on Monday as investors grappled with ongoing concerns over rising U.S. output and tight OPEC supply, while last week’s data showing speculators cut bets on oil suggested more selling could be seen.

Brent crude futures LCOc1 slipped 54 cents, or 0.8 percent, to settle at $64.95 per barrel. U.S. West Texas Intermediate (WTI) crude futures CLc1 fell 68 cents, or 1.1 percent, to settle at $61.36 per barrel.

Hedge funds and money managers pared their bullish wagers on U.S. crude oil, with long positions falling last week for the first time in three weeks. Gross short positions on the New York Mercantile Exchange 3067651MSHT climbed to their highest in nearly a month.

"



'via Blog this'