Iran's light crude oil price up 79 cents in a week

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

LONDON, March 13 (Reuters) - Oil rose on Tuesday, after Libya said loadings of crude at a key port had been suspended, offseting an earlier dent to the price caused by evidence of the inexorable growth in US oil output.

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.

US West Texas Intermediate (WTI) crude futures were at $62.22 a barrel up 18 cents, or 0.3 per cent while Brent crude futures were at $65.70 per barrel, up 21 cents, or 0.3 per cent, from their previous close.

"It appears that money managers are getting rid of their long positions and this is why the front-end spreads of the two main crude oil futures contracts have been drifting lower lately". S. supply against the likelihood that the Organization of the Petroleum Exporting Countries (OPEC) will maintain supply cuts that have been in effect more than a year.

"The rapidly growing USA shale production is making it virtually impossible for prices to rise", according to analysts at Commerzbank. "We have monthly reports from the International Energy Agency and OPEC in the coming days to influence prices, but for now, crude is having a downbeat start to the week, unwinding some of Friday's effervescent rally".


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. That is not far off the 2.957 percent yield on February 21, the highest since the instrument yielded more than 3 percent in January 2014.

Last week's U.S.jobs data, as well as an easing of fears of a global trade war, boosted stocks across many parts of the world.

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.

MSCI's world equity index .

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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