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NYMEX-US crude rises on lower output ahead of Gulf of Mexico storm
SINGAPORE, June 25 |
SINGAPORE, June 25 (Reuters) - U.S. crude futures rose for a second straight session on Monday after the threat of a storm shut nearly a quarter of the country's offshore crude and gas output in the Gulf of Mexico.
U.S. crude hit an intraday high of $80.68 a barrel, but eased to $80.18 by 2256 GMT after U.S. forecasters said Tropical Storm Debby appeared to be heading away from the U.S. offshore oil patch on Sunday. The front-month contract settled at $79.76 on Friday, higher on the day but posting its biggest weekly loss since the week to June 1.
The Gulf of Mexico region accounts for about 20 percent of the nation's oil production and about 6 percent of natural gas output.
Brent crude was up 49 cents to $91.47, recovering from two consecutive weeks of losses.
* Energy workers said on Sunday they had lifted a four-day blockade at Argentina's biggest oil field, Cerro Dragon, a protest that prompted Pan American Energy LLC to halt output at the site.
* Bullish hedge funds and speculators modestly boosted their bullish bets on commodity prices for a second week in the week to June 19, which left them more exposed to the biggest rout in raw material prices this year, data showed on Friday.
* German Chancellor Angela Merkel resisted pressure on Friday for common euro zone bonds or a more flexible use of Europe's rescue funds but agreed with leaders of France, Italy and Spain on a 130 billion euros ($156 billion) package to revive growth.
* Power traders in at least four countries have reduced or halted electricity exports to Greece due to non-payments, helping to force market prices sharply higher in a potential blow to struggling industries and raising the risk of blackouts during the tourist season.
* Brazil's state-led oil company Petrobras said on Friday it will raise gasoline and diesel prices for the first time since 2006, a move aimed at ending refining losses and paying for the world's largest corporate spending plan.
* U.S. stocks ended higher on Friday, led by gains in bank shares, as the S&P 500 index bounced back from its second-worst decline of the year.
* The euro edged higher against the dollar on Friday after its worst selloff in more than six months, buoyed by the European Central Bank's move to make funding easier for struggling banks.
* The following data is expected on Monday:
1230GMT Chicago Fed National Activity Index for May
1400GMT U.S. new home sales for May (Reporting by Florence Tan; Editing by Edwina Gibbs)
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