NYMEX-Crude slips on dollar rise, economy concern
* Dollar strengthens on risk aversion
* Wall Street lower at the open
NEW YORK, Nov 20 (Reuters) - U.S. crude oil futures fell on Friday as the dollar strengthened and concerns about the pace and strength of economic recovery kept pressure on equities markets.
"Oil is clearly still tied to broader financial markets and seeing losses due to a stronger dollar and a drop in stock prices. To rally, we'd need to see more significant signals of economic activity perking up," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut.
Analysts and brokers also noted relatively mild weather, especially in the U.S. Northeast, the market's recent inability to sustain prices above $80 a barrel, and the Friday expiration of the NYMEX December crude contract.
The dollar rose broadly, building on the previous day's gains as investors pared back riskier assets. [USD/]
World equities fell on bank worries and the dollar climbed on Friday as a bout of year-end risk aversion gripped European markets. Adding to pressure on European equities was concern about exposure to Ukrainian debt. [ID:nLK218119]
Wall Street opened lower after worse-than-expected results from computer maker Dell and home builder D.R. Horton, reinforcing doubts about the pace of economic recovery. [.N]
PRICES
* On the New York Mercantile Exchange, at 10:09 a.m. EST (1509 GMT), December crude CLZ9 was down $1.06, or 1.37 percent, at $76.40 a barrel, trading from $76.20 to $77.99.
* NYMEX January crude CLF0 was down $1.13, or 1.45 percent, at $76.92 a barrel.
* In London, January Brent crude LCOF0 fell $1, or 1.29 percent, to $76.64 a barrel, trading from $76.50 to $78.15.
* NYMEX December RBOB RBZ9 fell 1.90 cents, or 0.96 percent, to $1.9505 a gallon, trading from $1.9440 to $1.9768.
* NYMEX December heating oil HOZ9 fell 3.60 cents, or 1.8 percent, to $1.9604 a gallon, trading from $1.9589 to $2.0077.
* The December/December RBOB crack spread <0#RB-CL=R> was at $5.73, after ending at $5.26 on Thursday. The December/December heating oil crack spread <0#CL-HO=R> was at $6.03, after ending at $6.39 on Thursday.
* The spread between the current front month and the five-year forward crude contract CLc61 was at $16.12, based on the December 2014 contract Thursday settlement at $92.52. The spread ended Thursday at $15.06.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $78.36/$78.57
Technical support/resistance:
NYMEX crude: $75.00/$80.00
NYMEX heating oil: $1.9355/$2.0680
NYMEX RBOB: $1.9065/$2.0315
For a full report on technicals, click on [ID:nLK630314]
MARKET NEWS
* U.S. Northeast temperatures are expected to average 5-10 F above normal Friday and Saturday, stay above normal through Tuesday, and average near normal in the six- to 10-day outlook, private forecaster DTN Meteorlogix said. [ID:nDTN456]
* Valero Energy Corp (VLO.N) shut a hydrodesulferization
unit at its Corpus Christi, Texas, refinery due to bad weather
conditions, the company said in a filing. [ID:nN20221643]
* U.S. highway travel rose 2.5 percent in September from a year ago, the Transportation Department said. [ID:nN20185009]
* Chinese state oil firms have agreed to raise 2010 crude imports from Saudi Arabia by about 12 percent from 2009 to top 1 million barrels a day, traders said. [ID:nPEK268513] (Reporting by Robert Gibbons and Joshua Schneyer)
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