NEW YORK, Nov 30 (Reuters) - U.S. crude oil futures ended
more than a dollar higher on Monday, rebounding from Friday's
heavy losses as a weak dollar attracted buyers and geopolitical
risk premium related to Iran also raised jitters, traders and
analysts said.
They cited fears over Iran's announcement on Sunday that it
planned to build 10 uranium enrichment plants and news late on
Monday that Iran had restructured its naval forces for
operations in the Persian Gulf in the event of a conflict.
[ID:nN30427829] [ID:nN30427829]
Crude futures gained further in afternoon trading amid news
that five Britons had been detained in Iran after their racing
yacht may have inadvertently strayed into Iranian waters.
[ID:nGEE5AT2J1]
"(Iran's) weekend decision to construct about a dozen new
uranium enrichment plants provided support early in the day.
This support was turbo charged late in the day on reports that
a racing yacht had been ceased off the coast of Iran and on
news that Iran was reorganizing Naval operations within the
Strait of Hormuz as a possible preparation for military
activities," said Jim Ritterbusch, president of Ritterbusch &
Associates in Galena, Illinois.
A rally on refined product futures was also supportive for
crude futures.
The dollar slipped against the euro as easing concerns
about Dubai's debt problems and an upbeat U.S. regional
business activity report diminished the greenback's safe-haven
allure. [USD/]
Wall Street dipped with retail sales down after Black
Friday and data suggesting weak holiday sales, but data showing
expansion in Midwest business activity limited losses.[.N]
U.S. crude oil inventories were little changed while
distillate stocks fell and gasoline supplies rose in the week
to Nov. 27, a Reuters poll ahead of weekly inventory reports
showed on Monday. [EIA/S]
PRICES
* On the New York Mercantile Exchange, January crude CLF0
settled up $1.23, or 1.62 percent, at $77.28 a barrel, trading
from $75.13 to $78. For the month, front-month crude rose 28
cents, or 0.36 percent.
* In London, January Brent crude LCOF0 settled up $1.29,
or 1.67 percent, at $78.47 a barrel, trading from $76.40 to
$79.30. For the month, front-month Brent crude, rose $3.27 or
4.35 percent.
* NYMEX December RBOB RBZ9 expired and settled up 7.46
cents, or 3.87 percent, at $2.0008 a gallon, trading from
$1.9250 to $2.0159. For the month, the contract was up 5.76
cents, or 2.96 percent.
* NYMEX January RBOB RBF0 ended up 5,67 cents, or 2.9
percent, at $2.0115 a gallon, trading from $1.9505 to $2.0365.
* NYMEX December heating oil HOZ9 expired and settled up
5.59 cents, or 2.85 percent, at $2.0181 a gallon, trading
$1.9448 to $2.0315. For the month, the contract gained 3.70
cents, or 1.87 percent.
* NYMEX January heating oil HOF0 ended up 3.83 cents, or
1.91 percent, at $2.0479 a gallon, trading from $1.9917 to
$2.0736.
* The January/January RBOB crack spread <0#RB-CL=R> ended
at $7.20, rising from $6.05 on Friday. The January/January
heating oil crack spread <0#CL-HO=R> ended at $8.73, up from
$8.35 on Friday.
* The spread between the current front month and the
five-year forward crude contract CLc61 ended at $17.13,
widening from $16.64 on Friday. The January 2015 contract
settled Monday at $94.41, up $1.72, or 1.86 percent.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $77.55/$78.09
Technical support/resistance:
NYMEX crude: $75.00/$76.75
NYMEX heating oil: $1.95/$1.99
NYMEX RBOB: $1.90/$1.95
For a full report on technicals, click on [ID:nGEE5AT1EF]
MARKET NEWS
* The Institute for Supply Management-Chicago business
barometer showed that business activity in the U.S. Midwest
expanded more than expected in November, reaching its highest
level in over a year as new orders jumped. [ID:nN30448090]
* OPEC oil supply rose in November on higher output from
Nigeria, the United Arab Emirates and Saudi Arabia, a Reuters
survey showed. [ID:nGEE5AT2FS]
* BP (BP.L)(BP.N) discovered an oil and gas spill on one of
the pipelines in Alaska's Prudhoe Bay fields. [ID:nN30450415]
* Seaborne crude supplies via Russian oil pipeline monopoly
Transneft's export terminals in December will rise 3.2 percent,
or by 86,400 barrels per day, from November, a final export
schedule showed. [ID:nGEE5AT1TI]
* Somali pirates have seized a Greek-flagged oil tanker
near the Seychelles, more than 700 miles (1,127 km) off the
coast of Somalia, Greece's coast guard said. [ID:nGEE5AT10U]
* OPEC is unlikely to cut output at its Dec. 22 meeting,
Seifollah Jashnsaz, managing director of the National Iranian
Oil Co, told reporters. [ID:nDEL002383]
(Reporting by Gene Ramos and Robert Gibbons; Editing by
Marguerita Choy)
((gene.ramos@thomsonreuters.com; + 1 646 223 6054; Reuters
Messaging: gene.ramos.reuters.com@reuters.net))
