London — Oil eased on Monday on rising US borrowing costs and the prospect of further output rises after another increase in the weekly rig count, although the overall picture for crude remained bullish. Brent crude futures were down 49c at $73.57 a barrel by 9.11am GMT, while US West Texas Intermediate (WTI) crude futures fell 51c to $67.89 a barrel. "Underlying sentiment is bullish … we’ve got an important decision from [US President Donald] Trump coming up in May and we have Opec potentially trying to ‘overtighten’ the market," Saxo Bank senior manager Ole Hansen said. "[Fund managers] need a continuous flow of bullish news for their position to be maintained and this week, it’s not a matter of just watching the oil market." Broader financial markets were under pressure from the rise in US government yields towards 3%, a level that in the past has triggered aggressive sell-offs in stocks, bonds and commodities. "Whether a break above 3% will have an impact on currencies remains t...
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