Oil dips as rising U.S. yields steer bulls

Oil prices were little changed at around $74 a barrel on Monday on rising U.S. 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 (LCOc1) were down 1 cent at $74.05 a barrel by 1145 GMT, while U.S. West Texas Intermediate (WTI) crude futures (CLc1) were down 11 cents at $68.29 a barrel. Prices were supported by nervousness over the decision President Donald Trump must take by May 12 on whether to restore U.S. economic sanctions on Iran.