NYMEX-Crude up midday, near $79, as dollar weakens

NEW YORK, Nov 16 (Reuters) - U.S. crude futures rose
sharply midday on Monday, moving with the dollar, which
weakened earlier. enticing investors to buy into commodities.

But by midday, the dollar pared losses after Federal
Reserve Chairman Ben Bernanke said the U.S. central bank is
attentive to changes in the greenback and the Fed's mandate
will help ensure the dollar remains strong. [USD/]

For details of Bernanke's comments, see [ID:nN16493345]

Crude futures had rebounded from Friday's loss which
developed amid demand worries after data showed souring
consumer sentiment and a bigger trade deficit.

"The main reason crude futures are up today is the weaker
dollar. The greenback fell as money traders were selling the
greenback in the face of better U.S. retail sales and business
inventories," said Phil Flynn, analyst at PFGBest Research in
Chicago.

The dollar slipped in early trade as U.S. retail sales rose
and traders saw discord over exchange rates among Asian and
U.S. leaders as a cue to sell the greenback against currencies
such as the euro. [USD/]

Higher prices for major commodities such as oil and metals
pushed up commodity shares on Wall Street, with the Standard &
Poor's 500 Index .SPX rising as much as 2.5 percent. [.N]

Sales at U.S. retailers rose more than expected in October
as consumers bought more motor vehicles and other goods, but
the previous month's figures were revised sharply downward, a
government report showed on Monday. [ID:nN16371323]

PRICES

* On the New York Mercantile Exchange at 12:35 p.m. EST
(1735 GMT), December crude CLZ9 was up $2.40, or 3.14
percent, at $78.75 a barrel, trading from $76.32 to $79.24. On
Friday it hit a low of $75.57, the cheapest since prices hit
$74.79 on Oct. 15.

* In London, January Brent crude LCOFO was up $2.29, or 3
percent, at $78.60, trading from $76.57 to $78.99.

* NYMEX December RBOB RBZ9 was up 5.84 cents, or 3.05
percent, at $1.9746 a gallon, trading from $1.9150 to $1.9879.

* NYMEX December heating oil HOZ9 was up 6.80 cents at
$2.0341 a gallon, trading from $1.9631 to $2.0460.

* The December/December RBOB crack spread <0#RB-CL=R> was
at $4.18, after ending at $4.13 on Friday. The
December/December heating oil crack spread <0#CL-HO=R> was at
$6.68 after ending at $6.23 on Friday.

* The spread between the current front month and the
five-year forward crude contract CLc61 was at $11.65, based
on the December 2014 contract settlement on Friday at $90.40.
The spread ended at $14.05 on Friday.

TECHNICALS

NYMEX crude 10-day/20-day moving average: $78.55/$78.92

Technical support/resistance:

NYMEX crude: $76.00$77.50

NYMEX heating oil/$1.9355/$2.0000

NYMEX RBOB: $1.9000/$2.0000

For a full report on technicals, click on [ID:nLG369408]

MARKET NEWS

* U.S. gold futures hit a record $1,134.90 an ounce on
Monday as a weakened dollar boosted risk appetite for asset
classes across the board, while silver and platinum group
metals also scaled new highs. [GOL/]

* Valero Energy Corp (VLO.N) said on Monday that it
restarted a gasoline-making fluid catalytic cracker at its
245,000 barrel-per-day Texas City, Texas, refinery over the
weekend. [ID:nN16470120]

* U.S. refinery margins fell in markets east of the Rockies
on weaker product prices, according to a weekly report released
Monday by Credit Suisse. [ID:nN16399494]

* A barometer of manufacturing in New York State fell in
November, suggesting factory activity moderating for the first
time in four months, the New York Federal Reserve said in a
report on Monday. [ID:nN15305681]

* BP Plc (BP.L) on Monday said it found oil at its
appraisal well in Kaskida field in the Gulf of Mexico.
[ID:nBNG398316]

* OPEC President Jose Botelho de Vasconcelos said on Monday
it was still too early for the oil exporters' group to make a
decision on production changes before its December meeting, as
the market remained oversupplied. OPEC will next meet in
Luanda, Angola, on Dec. 22. [ID:nLG328453]
(Reporting by Gene Ramos; Editing by David Gregorio)