Oil down 1 per cent

NEW YORK – Oil prices fell on Monday as investors grappled with ongoing concerns over rising US 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 per cent, to settle at $64.95 per barrel.

US West Texas Intermediate (WTI) crude futures CLc1 fell 68 cents, or 1.1 per cent, to settle at $61.36 per barrel.

Hedge funds and money managers pared their bullish wagers on US 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.

That has undercut some of the enthusiasm for oil, as investors weigh increased US supply against the likelihood that the Organization of the Petroleum Exporting Countries and non-OPEC producers will maintain supply cuts that have been in effect for more than a year.

Energy services firm Baker Hughes said on Friday that energy companies last week cut oil rigs for the first time in almost two months.