* Dollar strengthens against euro, basket of currencies
* Global equities slip, Wall Street weaker at the open
NEW YORK, Nov 3 (Reuters) - U.S. crude oil futures fell on
Tuesday as a stronger dollar, weaker equities and caution ahead
of oil inventory data and a Federal Reserve meeting combined to
pressure oil.
"With the dollar strengthening appreciably this morning,
especially against the euro, the energy complex is in process
of relinquishing yesterday's gains," Jim Ritterbusch, president
at Ritterbusch & Associates, said in a research note.
The dollar hit a one-month high against a currency basket
as investors retreated from risky assets on jitters over banks.
The euro fell about a full percent, hitting a four-week low of
$1.4627 EUR= according to Reuters data. [USD/]
The U.S. Federal Reserve starts a two-day meeting on
Tuesday and markets also were awaiting the monthly employment
report from the United States on Friday.
World stocks hit a four-week low, helping boost the dollar
as poor results from UBS UBSN.VS and a shake-up of UK banks
Lloyds (LLOY.L) and Royal Bank of Scotland (RBS.L) prompted
investors to cut back on risk. [MKTS/GLOB]
U.S. stocks opened weaker as a deal by Warren Buffett's
Berkshire Hathaway to buy railroad Burlington Northern failed
to offset UBS results and the shake-up at the two British
banks. [.N]
PRICES
* On the New York Mercantile Exchange, at 9:30 a.m. EST
(1430 GMT), December crude CLZ9 was down $1.11, or 1.42
percent, at $77.02 a barrel, trading from $76.55 to $78.46.
* In London, December Brent crude LCOZ9 fell 97 cents, or
1.27 percent, to $75.58 a barrel, trading from $75.08 to
$76.94.
* NYMEX December RBOB RBZ9 fell 3.78 cents, or 1.9
percent, to $1.9525 a gallon, trading from $1.9379 to $1.9990.
* NYMEX December heating oil HOZ9 fell 3.42 cents, or
1.67 percent, to $2.0118 a gallon, trading from $2.0030 to
$2.0548.
* The December/December RBOB crack spread <0#RB-CL=R> was
at $4.98, after ending at $5.46 on Monday. The
December/December heating oil crack spread <0#CL-HO=R> was at
$7.61, after ending at $7.80 on Monday.
* The spread between the current front month and the
five-year forward crude contract CLc61 was at $14.44, based
on the December 2014 contract Monday settlement at $91.46. The
spread ended Monday at $13.33.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $79.10/$77.07
Technical support/resistance:
NYMEX crude: $76.20/$78.00
NYMEX heating oil: $1.9635/$2.1045
NYMEX RBOB: $1.9335/$2.0605
For a full report on technicals, click on [ID:nL3599109]
MARKET NEWS
* A Reuters survey of analysts on Monday yielded a forecast
for crude stocks to have risen 1.5 million barrels last week
and for distillate supply to have slipped 500,000 barrels and
gasoline stocks to have risen 300,000 barrels. [EIA/S]
* Copper prices fell as investors sold ahead of a Federal
Reserve meeting on monetary policy in the United States and
U.S. economic data. [ID:nL3566864]
(Reporting by Robert Gibbons; editing by Jim Marshall)
