RPT-NYMEX-Crude ends up, above $74 on OPEC view, dollar
(Repeats, deletes CORRECTED from headline)
* Dollar hits 2009 low against currency basket, euro
* OPEC sees stronger world oil demand next year
* Heating oil up on demand forecast, cooler temperatures
NEW YORK, Oct 13 (Reuters) - U.S. crude oil futures ended higher for the fourth straight day on Tuesday, as a brighter demand forecast from OPEC and a weakened dollar supported the market.
The front-month November contract, which hit a seven-week high, now faces resistance at $75 a barrel, the year's intraday peak hit on Aug. 25, traders said.
Heating oil futures also ended up for the fourth day in a row, climbing to a seven-week peak amid cooler temperatures and a forecast for higher heating oil demand this week.
"A declining dollar is certainly supportive, but with temperatures falling into the 30s in New York, by the weekend, it is understandable why heating oil is the leader today," Mike Fitzpatrick, vice president at MF Global in New York, said in a note.
Gasoline futures ended higher for a second day running,
helped by news of a fire at Total Petrochemical's (TOTF.PA)
refinery in Port Arthur, Texas, which the company said had been
put out by midday. [ID:nN13526569]
The U.S. dollar touched a 14-month low against a basket of currencies as investors refocused on the outlook for U.S. interest rates. The euro rose to its highest level against the dollar since late August 2008. [USD/]
U.S. equities were mixed on the heels of a six-day streak
of gains, after Johnson & Johnson's (JNJ.N) third-quarter sales
disappointed investors and stirred doubts about the strength of
the latest earnings season. [.N]
PRICES
* On the New York Mercantile Exchange, November crude CLX9 settled up 88 cents, or 1.2 percent, $74.15 a barrel, the highest settlement since Aug. 24's $74.37.
* NYMEX November crude traded from $72.83 to $74.47, the highest since front-month crude hit the year's high of $75 on Aug. 25, which was the highest intraday price since $75.69 was reached on Oct. 21, 2008.
* NYMEX November crude oil options expire on Thursday.
* In London, November Brent crude LCOX9 ended up $1.04, or 1.46 percent, at $72.40 a barrel, the highest close since Aug. 28's $72.79. It traded from $70.84 to $72.83, the highest since intraday peak of $72.95 hit on Aug. 31.
* NYMEX November RBOB RBX9 settled up 3.28 cents, or 1.82 percent, at $1.8318 a gallon, the highest close since Sept. 18's $1.8324. It traded from $1.7922 to $1.8332, the highest since Aug. 21's $1.8365.
* NYMEX November heating oil HOX9 ended up 2.90 cents, or 1.53 percent, at $1.9234 a gallon, the highest close since Aug. 10's $1.9276. It traded from $1.8877 to $1.9296, the highest intraday since Aug. 24's $1.9382.
* The November/November RBOB crack spread <0#RB-CL=R> ended at $2.79, rising from $2.29 on Monday. The November/November heating oil crack spread <0#CL-HO=R> ended at $6.63, gaining from $6.29 on Monday.
* The spread between the current front month and the five-year forward crude contract CLc61 ended at $14.09, narrowing from $14.62 on Monday. The November 2014 contract settled Tuesday at $88.24, up 72 cents, or 0.82 percent.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $70.57/$70.13
Technical support/resistance:
NYMEX crude: $72.05/$75.00
NYMEX heating oil: $1.80/$1.92
NYMEX RBOB: $1.7439/$1.80
For a full report on technicals, click on [ID:nLC628652]
MARKET NEWS
* World demand for OPEC's oil will be stronger than expected next year, the producer group said on Tuesday. OPEC's view follows higher demand forecasts from the International Energy Agency and U.S. Energy Information Administration. [ID:nLD634327]
* U.S. total heating demand will be higher than normal this week, the National Weather Service said. Demand for heating oil was forecast to be 43 percent above normal. [ID:nN12134969] (Reporting by Gene Ramos and Robert Gibbons; Editing by David Gregorio)
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