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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Egyptian for Tourism Resorts   0.69        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Al Arafa Investment And Consul   0.17        Prime Holding   0.91        Alexandria Spinning & Weaving    0.74        General Company For Land Recla   16.6        Gharbia Islamic Housing Develo   8.41        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

The Watch - forex news

Amwal Al Ghad English - 2018-03-20 06:37:59
Euro prices on Tuesday held on to gains made the previous day, when it rose on revived bets for the European Central Bank to wind down its bond-buying stimulus this year and to raise interest rates around the middle of 2019. The euro, which advanced 0.4 percent on Monday, held steady on the day at $1.2336. The common currency had drawn strength on Monday from a source-based Reutersreport that ECB policymakers are shifting the focus of their debates. Policymakers are comfortable with market forecasts, including for a rate hike by mid-2019, and the debate is increasingly about the steepness of the rate path thereafter, as some want future expectations contained, given the slow rebound in inflation, five sources with direct knowledge of the discussion told Reuters. Sterling also stood tall after setting a one-month high against the dollar on Monday, as Britain and the European Union agreed to a 21-month post-Brexit transition period and a potential solution to avoid a "hard border" for Northern Ireland. Sterling held steady at $1.4024. On Monday, the pound rose as high as $1.4088, its strongest level since February 16. The strength in euro and sterling helped weigh on the dollar, which last stood at 89.951 against a basket of six major currencies, down from Monday's intraday high around 90.345. Market participants are now pondering whether the U.S. Federal Reserve, which holds a two-day policy meeting that ends on Wednesday, will signal a faster pace of rate increases in the coming months as the labor market tightens further. Interest rate futures imply traders have fully priced in a rate increase this week, which would raise the target range to between 1.50 percent and 1.75 percent. The dollar rose 0.2 percent to 106.32 yen, inching away from a 16-month low of 105.24 yen set in early March. On technical charts, the dollar seems to have found strong support in the 105.00 to 105.50 yen area, said Masashi Murata, currency strategist for Brown Brothers Harriman in Tokyo. He added that the dollar's yield advantage over the yen could also help bolster the greenback. "Once Japan's new financial year starts (in April), Japanese institutional investors are likely to become active in foreign bond investments," Murata said, referring to the possibility they will take on foreign-exchange risk in search of better returns abroad. Still, some traders saw limited upside potential for the dollar, with the yen seen supported by signs of a retreat in investor risk appetite. "It's pretty easy to stay short dollar/yen in this environment given the risk aversion," said Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore. The yen is a traditional safe haven currency that tends to attract demand in times of market turmoil. U.S. equities fell on Monday, with the S&P and Nasdaq suffering their worst day in just over five weeks, as concerns over increased regulation for large tech companies was spearheaded by a plunge in Facebook shares. More»
Amwal Al Ghad English - 2018-03-19 06:07:38
Gold prices inched lower early Monday as the dollar remained supported, with investors expecting the U.S. Federal Reserve to raise interest rates at this week's policy meeting. Spot gold fell 0.2 percent to $1,310.31 per ounce at 0123 GMT. The price touched $1,309.31, the lowest since March 1, in the previous session. U.S. gold futures for April delivery fell 0.1 percent to $1,310.4 per ounce. The dollar index against a basket of currencies was up 0.1 percent at 90.295. Asian share markets got off to a hesitant start on Monday for a week in which the Fed is likely to deliver a hike in U.S. interest rates and perhaps signal that as many as three more lie in store for the rest of the year. The two-day Federal Open Market Committee meeting begins on Tuesday at which the U.S. central bank is expected to raise interest rates for the first time this year. U.S. industrial production jumped 1.1 percent in February, the largest increase in four months, due to a weather-related rebound in construction and a rise in output from the nation's oil and gas fields and mines. Forty-five U.S. trade associations representing some of the largest companies in the country are urging President Donald Trump not to impose tariffs on China, warning it would be "particularly harmful" to the U.S. economy and consumers.French President Emmanuel Macron and German Chancellor Angela Merkel on Friday pledged to overcome differences in order to formulate a roadmap for a reform of the euro zone which they will seek to get approved by their European peers in June.Three European Central Bank policymakers struck an optimistic tone on the outlook for euro zone inflation on Sunday despite stubbornly slow price growth so far this year.Gold speculators cut their net long position by 16,153 contracts to 145,659 contracts, according to the U.S. Commodity Futures Trading Commission (CFTC) data. Weaker demand in India prompted gold dealers to offer discounts for a second straight week, as a drop in local prices to 2-week lows and a festival failed to lure buyers. More»
Amwal Al Ghad English - 2018-03-19 06:05:28
Oil prices fell on Monday as rising drilling activity in the United States pointed to further increases in output, raising concerns about a return of oversupply. U.S. West Texas Intermediate (WTI) crude futures were at $62.02 a barrel at 0145 GMT, down 32 cents, or 0.5 percent, from their previous close. Brent crude futures were at $65.87 per barrel, down 34 cents, or 0.5 percent. Monday's price falls in part reversed increases last Friday, which came on the back of concerns over rising tension in the Middle East. "Despite all the bearish U.S. shale supply headlines, oil prices remain firm as... the odds that the U.S. will pull out of the Iran nuclear agreement continue to run very high," said Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore. On a simple supply versus demand basis, however, global oil markets are facing the risk of returning into oversupply after being in a slight deficit for much of last year. U.S. drillers added four oil rigs in the week to March 16, bringing the total count to 800, the weekly Baker Hughes drilling report said on Friday. The U.S. rig count, an early indicator of future output, is much higher than a year ago when 631 rigs were active as energy companies have continued to boost spending since mid-2016 when crude prices began recovering from a two-year crash. Thanks to the high drilling activity, U.S. crude oil production has risen by more than a fifth since mid-2016, to 10.38 million barrels per day (bpd), pushing it past top exporter Saudi Arabia. Only Russia produces more, at around 11 million bpd, although U.S. output is expected to overtake Russia's later this year as well. Soaring U.S. output, as well as rising output in Canada and Brazil, is undermining efforts by the Middle East dominated Organization of the Petroleum Exporting Countries (OPEC) to curb supplies and bolster prices. Many analysts expect global oil markets to flip from slight undersupply in 2017 and early this year into oversupply later in 2018. More»
Amwal Al Ghad English - 2018-03-19 06:02:53
The dollar prices started the week little changed on Monday as traders set sights on new Federal Reserve Chair Jerome Powell's first monetary policy meeting later in the week and as the increased threat of trade protectionism kept markets on edge. The Japanese yen has also moved little so far though traders were nervous after weekend polls suggested a massive drop in public support for Prime Minister Shinzo Abe over his handling of a festering cronyism scandal. The dollar index stood flat at 90.274, having gained on Friday following strong U.S. economic data, marking the index's third straight week of gains. U.S. industrial production surged in February, boosted by strong increases in output at factories and mines. The University of Michigan Consumer Sentiment Index also rose in March to the highest level since 2004. The figures reinforced views that the global economy is enjoying strong growth and that the Federal Reserve will raise interest rates at the end of its policy meeting on Wednesday. With a 25 basis point rate hike seen as a done deal, one key focus is on whether Fed policy makers forecast four rate hikes this year instead of three they had projected at December meeting. The prospects of more rate hikes typically support a currency because higher interest rates tend to attract funds. However, recent political headlines have drawn more attention as investors fret that U.S. President Donald Trump's tariff and other protectionist policies could disrupt the U.S. and global economy. The Canadian dollar has taken the brunt of worries about U.S. protectionism, falling to lowest levels since late June last week as investors discount the risk Trump may walk out of the North American Free Trade Agreement. The Canadian currency slipped to C$1.3103 per U.S. dollar. In Japan, the yen has been hit by uncertainties on domestic politics as Prime Minister Shinzo Abe came under more pressure due to suspicions of a cover-up linked to his cronyism scandal. A Nippon TV poll found Abe's support crumbling some 14 percentage points from last month to 30 percent, the lowest for that poll in Abe's more than five years in office. The dollar changed hands at 105.96 yen, staying on a downtrend since it hit a two-week peak of 107.03 on Tuesday and edging near its 16-month low of 105.24 touched on Friday. While political instability does not make Japanese assets attractive, most traders think the yen will rise if Abe bas to resign given that his aggressive monetary stimulus has been helping to push the yen lower. "Japanese political risk will be a market focus for now. There is the risk that 'Abenomics' will be rolled back," said Shinichiro Kadota, strategist at Barclays. The euro stood at $1.2285, where it has support around its 55-day moving average. The common currency has been in a holding pattern since it hit a three-year high of $1.2556 on Feb. 16, with its March 1 low of $1.21545 seen as another support level. More»
Amwal Al Ghad English - 2018-03-17 06:42:52
Oil prices were set to fall this week, with both benchmarks dropping slightly on Friday, on concerns among investors about rising supply from the U.S. and other nations threatening to undermine efforts by OPEC and other producers to tighten the market.West Texas Intermediate (WTI) oil futures for April delivery traded 6 cents higher near $61.25 a barrel as of 11:05 a.m., ET, after settling up 23 cents on Thursday. WTI is set to fall 1.3 percent this week, reversing the previous week's 1.3 percent gain. Brent crude futures fell 2 cents to $65.10 a barrel after settling up 23 cents. Brent is down 0.6 percent for the week. Several reports this week renewed investor focus on the potential for rising supply to overwhelm the expected gains in crude demand for 2018. On Thursday, the International Energy Agency (IEA) said global oil supply increased in February by 700,000 barrels per day (bpd) from a year ago to 97.9 million barrels per day. The IEA also said supply from producers outside of the Organization of the Petroleum Exporting Countries (OPEC), led by the United States, will grow by 1.8 million bpd this year versus an increase of 760,000 bpd last year. The supply increase is more than the IEA's expected demand growth forecast for this year of 1.5 million bpd. The agency also reported that commercial oil inventories in industrialized nations rose in January for the first time in seven months. That directly undermines the efforts of producers led by OPEC and Russia, the world's biggest oil producer, to cut supply in order to reduce global stockpiles. "The fact that the inventories rose despite intensifying output curbs led by OPEC shows how much non-OPEC supply has risen," said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting in Tokyo. "Crude prices have been checked by the increase in U.S. supply." OPEC and other producers began cutting supply in January 2017 to erase a global crude glut that had built up since 2014. On Wednesday, the U.S. government reported that crude stockpiles there increased by a more-than-expected 5 million barrels, rising for a third straight week. Oil prices got scant support from the equities market. Asian stocks declined on Friday, following a four-day losing streak in the S&P 500 a day earlier, amid concerns about more changes in the administration of U.S. President Donald Trump. U.S. stocks traded higher Friday morning. Recently, crude futures have moved in sync with equities. More»
Amwal Al Ghad English - 2018-03-17 06:40:55
The dollar prices rose against most currencies on Friday, bolstered by solid U.S. economic data that further supported consensus expectations that the Federal Reserve will raise interest rates at next week's monetary policy meeting. "The gains in the dollar were a positive reaction to the data," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington. "The reports show that the dollar's fundamental backdrop remains strong." U.S. industrial production surged in February, boosted by strong increases in output at factories and mines, while a consumer sentiment survey by the University of Michigan showed a rise in the overall index for March. The dollar, however, fell to a more than one-week low against the yen, undermined by speculation that more top Trump administration officials could be replaced and concerns U.S. trade tariffs could hurt the global economy. These U.S.-centric factors have rattled markets in recent days, pushing the dollar lower and leaving the yen as the main beneficiary. U.S. President Donald Trump has decided to replace his national security adviser, H.R. McMaster, the Washington Post reported on Thursday. At the same time, the New York Times reported U.S. Special Counsel Robert Mueller had issued a subpoena for documents related to Trump's businesses, including some concerning Russia. Earlier this week, the U.S. currency took a hit after Trump dismissed Secretary of State Rex Tillerson as investors grew increasingly nervous about the direction U.S. policy might now take following a series of departures by key members of staff. "There is a whiff of risk aversion about the markets," said Shaun Osborne, chief FX strategist at Scotiabank in Toronto. "The reason for the caution in markets centers on the U.S. amid reports of yet more changes in senior White House personnel," he added. The dollar was trading 0.24 percent lower at 106.08 yen after falling as low as 105.61 yen, the lowest level since March 7. The dollar index gained 0.10 percent at 90.23. It has been on the defensive for much of the week amid the shake-up inside Trump's administration and as next week's Federal Reserve policy meeting comes into focus. The euro fell 0.17 percent to $1.2283, with little in the way to drive the single currency It has struggled to make much headway since rallying in January and faced further headwinds after the European Central Bank last week cautioned investors not to expect a paring back of monetary stimulus any time soon. More»
Amwal Al Ghad English - 2018-03-15 06:15:37
Gold prices edged higher early Thursday and hovered near one-week highs hit in the previous session, as concerns over trade tensions weighed on share markets. Spot gold rose 0.2 percent to $1,326.71 per ounce at 0108 GMT, towards the top end of a tight range tracked over the past five trading sessions. U.S. gold futures for April delivery rose 0.1 percent to $1,327.10 per ounce. Stock markets sagged broadly on Thursday while government bonds attracted safe-haven demand amid mounting investor concerns that growing trade tensions could hurt the global economy. The dollar edged higher on Wednesday after three straight days of losses, as investors booked profits on their short currency bets, but the outlook remained murky amid political uncertainty in the Trump administration and renewed worries about trade wars. U.S. television commentator and conservative economic analyst Larry Kudlow will replace Gary Cohn as President Donald Trump's top economic adviser, adding another loyalist to Trump's inner circle. U.S. retail sales fell for a third straight month in February as households cut back on purchases of motor vehicles and other big-ticket items, prompting analysts to downgrade their first-quarter economic growth forecasts. Differences over how to deal with North Korea's nuclear challenge were a key factor in President Donald Trump's decision to replace Rex Tillerson as U.S. secretary of state, according to sources familiar with the internal deliberations.The European Central Bank needs further evidence that inflation is rising towards its target and will end asset buys only when it is satisfied that price growth is on a sustained path towards its objective, two of the ECB's top officials said on Wednesday. More»
Amwal Al Ghad English - 2018-03-15 06:12:55
Oil prices were stable on Thursday, supported by healthy global demand but held back by the relentless rise in U.S. production that is undermining efforts led by producer cartel OPEC to cut supplies and prop up markets. U.S. West Texas Intermediate (WTI) crude futures were at $61.05 a barrel at 0129 GMT, up 9 cents, or 0.15 percent, from their previous close. Brent crude futures were at $64.95 per barrel, up 8 cents, or 0.1 percent. Prices were receiving some support from healthy demand. The Organisation of the Petroleum Exporting Countries (OPEC) said on Wednesday that oil consumption was expected to grow by 1.62 million barrels per day (bpd) in 2018. But looming over markets has been a relentless climb in U.S. crude output, which hit another record last week by rising to 10.38 million bpd, up by more than 23 percent since mid-2016. Commercial crude inventories were up by 5 million barrels, at 430.93 million barrels. U.S. crude production, which has already overtaken that of top exporter Saudi Arabia, is expected to rise above 11 million bpd later this year, taking the top spot from Russia, according to the International Energy Agency. Soaring U.S. output, as well as rising output in Canada and Brazil, isundermining efforts by Middle East dominated OPEC to withhold supplies in order to bolster prices. OPEC on Wednesday raised its forecast for non-member oil supply to almost double the growth predicted four months ago. The group said non-OPEC producers would boost supply by 1.66 million bpd in 2018. But since OPEC expects demand this year to grow by only 1.62 million bpd, that would leave the market slightly oversupplied and may require more or longer supply restraint. OPEC and several other non-OPEC producers led by Russia began cutting supply in January, 2017 to erase a global glut of crude that had built up since 2014. OPEC said its combined output dropped by 77,000 bpd to 32.186 million bpd in February, led by declines in Iraq, the United Arab Emirates and Venezuela. These cuts and rising U.S. output mean that OPEC is losing market share. "In 2018, demand for OPEC crude is forecast at 32.6 million bpd, down by 0.2 million bpd from the previous assessment and 0.2 million bpd lower than a year earlier," OPEC said. More»
Amwal Al Ghad English - 2018-03-15 06:09:40
Dollar prices fell against the yen on Thursday and pulled further away from a recent two-week high, as lingering worries about global trade tensions weighed on investors' risk appetite. The dollar shed 0.4 percent to 105.94 yen. That was down from Tuesday's peak of 107.30 yen, the U.S. currency's highest level against the yen since Feb. 28. Market participants remain concerned about increased protectionism under U.S. President Donald Trump's administration, with U.S. equities having fallen on Wednesday after Trump sought to impose fresh tariffs on China. "The fear of an escalating trade war with China has global markets on edge with investors taking a defensive posture," Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore said in a note. Against this backdrop, the safe haven yen has gained support, Innes added. The Trump administration is pressing China to cut its trade surplus with the United States by $100 billion, the White House said on Wednesday. In addition, Larry Kudlow, the incoming director of the White House national economic council, said on Wednesday that China has earned a tough response from the United States and other countries on trade, even though he has previously criticized "blanket" tariffs. In an interview with CNBC, Kudlow said he would like to see the dollar a "wee bit stronger than it is currently." Kudlow added that a strong and stable dollar was important for U.S. economic health and that he had no reason to believe Trump disagreed. Kudlow's comments on the dollar are unlikely to have much of an impact at this juncture, said Satoshi Okagawa, senior global markets analyst for Sumitomo Mitsui Banking Corporation in Singapore, adding that persistent worries over U.S. protectionism could continue to weigh on the greenback. "The main focus is on any actions that Trump might take," Okagawa said. On the economic front, U.S. retail sales data on Wednesday did not really help the dollar. Sales fell, offsetting a stronger-than-forecast rise in domestic producer prices last month. That should further prompt the Federal Reserve to raise interest rates at a gradual pace. The market still expects the Fed to raise rates three times this year, starting at next week's monetary policy meeting. The dollar index, which measures the greenback against a basket of six major peers, held steady on the day at 89.667. The dollar index has shed roughly 0.5 percent so far this week. The euro edged up 0.1 percent to $1.2377. The common currency, however, remained below Wednesday's near one-week high of $1.2413. The euro had sagged on Wednesday after European Central Bank President Mario Draghi struck a dovish tone in his speech. Draghi said the ECB needs further evidence that inflation is rising towards its target but is growing more confident it is on track to do so. Elsewhere, the New Zealand dollar fell 0.2 percent to $0.7316, coming under pressure after mixed New Zealand economic growth data cemented bets on interest rates staying at record lows for a long time yet. More»
Amwal Al Ghad English - 2018-03-13 06:47:10
Oil prices fell on Tuesday, extending losses from the previous session, as the inexorable rise in U.S. crude output weighed on markets. U.S. West Texas Intermediate (WTI) crude futures were at $61.25 a barrel at 0414 GMT, down 11 cents, or 0.2 percent, from their previous close. Brent crude futures were at $64.85 per barrel, down 10 cents, or 0.2 percent. Both crude benchmarks dropped by around 1 percent in their Monday sessions. "Oil prices fell on the back of concerns that surging U.S. production ... could push inventories in the U.S. higher," ANZ bank said on Tuesday. U.S. crude oil production soared past 10 million barrels per day (bpd) in late 2017, overtaking output by top exporter Saudi Arabia. U.S. production is expected to rise above 11 million bpd by late 2018, taking the top spot from Russia, according to the International Energy Agency (IEA). The rising U.S. output comes largely on the back of onshore shale oil production. U.S. crude production from major shale formations is expected to rise by 131,000 bpd in April from the previous month to a record 6.95 million bpd, the U.S. Energy Information Administration (EIA) said in a monthly report on Monday. "Oil prices moved lower ... after (the) Energy Information Administration published a report that crude production from seven major U.S. shale plays is expected to see a climb," said Stephen Innes, head of trading for Asia Pacific at futures brokerage OANDA in Singapore. That expected increase would top the 105,000 bpd climb in March from the previous month, to what was then expected to be a record high of 6.82 million bpd, the EIA said. The EIA is due to publish its latest weekly U.S. production data on Wednesday. More»