* Consumer sentiment sours, spending lower
* Dollar rebounds after slump on Thursday
NEW YORK, Oct 30 (Reuters) - U.S. crude oil futures ended
down on Friday, as lower consumer spending and faltering
confidence over the economic recovery raised fresh worries
about demand for oil.
Crude futures snapped a four-week winning streak, although
prices finished higher than they were from a month ago.
"Today's sharp downside move provided almost a mirror image
of yesterday's sharp rally as the oil complex continues to
trail the extreme volatility of the currency and equity
markets," said Jim Ritterbusch, president of Ritterbusch &
Associates in Galena, Illinois.
On Wall Street, investors unloaded shares across the board.
[.N], swaying oil investors to do the same.
As equities fell, the dollar rallied against the euro and a
basket of currencies, as the greenback's safe-haven appeal
improved. [USD/]
"There is some weakness after yesterday's exuberance over
GDP data in light of today's report on the stressed consumer,"
said John Kilduff, co-chief investment officer and partner at
hedge fund Round Earth Capital in New York.
In volatile trading the November heating oil HOX9 and
RBOB gasoline RBX9 contracts expired, with both sectors of
the energy complex also snapping four straight weeks of gains.
U.S. consumer spending fell in September for the first time
in five months. [ID:nN30482062]
U.S. consumer sentiment slipped this month, the
Reuters/University of Michigan Surveys of Consumers showed.
[ID:nN30349339]
Crude oil futures rallied on Thursday after data showed
that the U.S. economy had grown in the third quarter.
PRICES
* On the New York Mercantile Exchange, December crude
CLZ9 settled down $2.87, or 3.59 percent, at $77.00 a barrel,
trading trading from $76.85 to $80.21. For the week, prices are
down $3.50, or 4.34 percent. For the month, they are up $6.39,
or 9.05 percent.
* In London, December Brent crude LCOZ9 ended down 2.84,
or 3.64 percent, at $75.20 a barrel, trading from $75.11 to
$78.23. For the week, prices fell $3.72, or 4.71 percent. For
the month, they are up $6.13, 8.88 pct.
* NYMEX November RBOB RBX9 expired and settled down 7.58
cents, or 3.75 percent, at $1.9432 a gallon, trading from
$1.9330 to $2.0280. For the week, RBOB fell 6.27 cents, or 3.07
percent. For the month, it rose 22.73 cents or 12.59 percent.
* NYMEX December RBOB RBX9 ended down 6.53 cents, or 3.23
percent, at $1.9595 a gallon, trading $1.9440 to $2.0330.
* NYMEX November heating oil HOX9 expired and settled 7.31
cents lower, or 3.56 percent, at $1.9811 a gallon, trading from
$1.9650 to $2.06. For the week, prices dropped 9.45 cents, or
4.55 percent. For the month, they are up 18.51 cents or 10.31
percent.
* NYMEX December heating oil HOZ9 ended down 7.35 cents,
or 3.54 percent, at $2.0052 a gallon, trading $1.9975 to
$2.0882.
* The December/December RBOB crack spread <0#RB-CL=R> ended
at $5.30, up from $5.17 on Thursday. The December/December
heating oil crack spread <0#CL-HO=R> ended at $7.22, down from
$7.43 on Thursday.
* The spread between the current front month and the
five-year forward crude contract CLc61 ended at $12.84,
widening from $11.97 on Thursday. The December 2014 contract
settled Friday at $89.84, down $2.00 or 2.18 percent.
* For a full report on technicals, click on [ID:nLU012923]
MARKET NEWS
* The global economic recovery is liable to run out of
steam and the risk of a double-dip recession remains real,
billionaire investor George Soros said on Friday, a day after
the U.S. economy returned to growth. [ID:nLU651684]
* BP Plc (BP.L) (BP.N) said it was contesting citations
issued by U.S. regulators levying a record $87 million fine for
failing to fix safety violations at its Texas City, Texas,
refinery after a deadly 2005 explosion. [ID:nN30414147]
* Iraqi officials told Turkey's government that the
Iraq-Turkey oil pipeline will resume operations within two
days, a Turkish government source said on Friday. Pumping was
halted on Monday after an explosion on a six-meter section of
the pipeline. [ID:nLU664892]
* NYMEX plans to launch a cash-settled futures contract
tracking the Argus sour crude index by year-end and another
contract for physical delivery sour crude at a later date,
NYMEX operator CME Group (CME.O) said on Thursday.
[ID:nN29247497]
(Reporting by Gene Ramos and Robert Gibbons; Editing by David
Gregorio)
