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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. Helping the dip, hedge funds and money managers cut their bullish wagers on US crude oil for the first time in three weeks, data showed on Friday.

US crude fell 1.66 percent to $61.01 per barrel and Brent was last at $64.58, down 1.39 percent on the day.

Brent was last at $64.96, down 0.81 percent on the day.

During the said week, Organization of Petroleum Exporting Countries (OPEC)'s basket price stood at $63.58 per barrel with $49 cents increase compared to the preceding week.

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"The market continues to flip back and forth on the idea that increased global demand and a production cut is going to support prices", said Gene McGillian, director of market research at Tradition Energy. The resulting fallout could drag down crude prices after a rally of more than 40 percent since June, he said. S. data showed the economy in February added the most jobs in more than 1-1/2 years.

Broader markets were roiled by U.S. President Donald Trump's decision to go ahead with tariffs in imported steel and aluminum, sparking fears of a trade war.

MSCI's world equity index hit a two-week high, while Hong Kong's Hang Seng Index closed up 1.93 percent.

US stocks, though, were mixed on Monday, with the S&P 500 down 2.08 points, or 0.07 percent, at 2,784.49 and the Dow Jones Industrial Average lower by 127.52 points, or 0.5 percent, at 25,208.22.

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Emerging market stocks rose 1.21 percent.

"Secretary of Commerce Wilbur Ross will be speaking with representatives of the European Union about eliminating the large tariffs and barriers they use against the United States of America", he stated. The dollar index fell 0.05 percent, with the euro up 0.06 percent to $1.2312.

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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