Oil prices fall, while demand for US Treasuries stays strong

Pipelines at Enbridge Inc.'s tank farm in Oklahoma. Oil futures have been buffeted as U.S. output has increased and crude stocks have swelled to record highs

Pipelines at Enbridge Inc.'s tank farm in Oklahoma. Oil futures have been buffeted as U.S. output has increased and crude stocks have swelled to record highs

US West Texas Intermediate (WTI) crude futures CLc1 were at $61.20 a barrel at 0122 GMT, down 16 cents, or 0.2 per cent, from their previous close.

But in a sign that an early-year rally in crude oil may have fizzled out, money managers cut their combined net long positions in the six most important futures and options contracts linked to petroleum prices by 50 million barrels in the week to March 6.

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.

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 USA oil output. Rig counts serve as a loose gauge of future production, though the slip has been overshadowed by steady upward revisions to expectations for total USA crude oil production.

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 Labour Department said on Friday.

Benchmark 10-year notes last rose 8/32 in price to yield 2.8663 percent.

"The market continues to flip back and forth on the idea that increased global demand and a production cut is going to support prices. but USA production, and North American production levels in general, is going to negate a lot of the impact of that", said Gene McGillian, director of market research at Tradition Energy. "They continue to give market share away to the U.S".

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

The country's light oil price was reported $65.43 on average since the beginning of 2018 until March 2.

"We're seeing some positive follow-through, but it would not surprise me to see some profit-taking coming off a very powerful performance on Friday", said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey.

ING's Patterson agrees that keeping a lid on price hikes is necessary; in an interview in Singapore he said, "We need to see prices in the short-term trade below $60 to reduce that incentive for USA producers".

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