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Oil prices fell on Monday on expectations that USA output will rise this year, erasing earlier gains buoyed by lower weekly US rig counts and falling US unemployment. Rig counts serve as a loose gauge of future production, though the slip has been overshadowed by steady upward revisions to expectations for total US crude oil production. U.S. West Texas Intermediate (WTI) crude futures fell 27 cents to $61.77 a barrel.

Brent crude futures LCOc1 were at $64.80 per barrel, down 15 cents, or 0.2 per cent.

That has undercut some of the enthusiasm for oil, as investors weigh increased USA 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.

"Oil prices moved lower. after (the) Energy Information Administration published a report that crude production from seven major USA shale plays is expected to see a climb", said Stephen Innes who is head of trading for Asia/Pacific at futures brokerage OANDA in Singapore.

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Friday's strong USA payroll data, which showed a hefty 313,000 rise in jobs but tempered growth in hourly earnings, supported Treasuries in early trade. "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".

This week's Consumer Price Index (CPI) release, given its potential impact on the dollar, could be critical, said Bill Baruch, president of Blue Line Futures in Chicago.

On Monday, benchmark 10-year notes last rose 8/32 in price to yield 2.8663 percent, hovering near multi-year highs.

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

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"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.

Emerging market stocks rose 1.21 percent.

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. The dollar index fell 0.05 percent, with the euro up 0.06 percent to $1.2312. The dollar tends to have an inverse relationship with oil prices, as a weaker greenback makes dollar-denominated commodities cheaper for holders of other currencies.

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