NYMEX-Crude ends down on economic, supply worries
NEW YORK, July 6 (Reuters) - U.S. crude oil futures ended lower for the fourth day in a row on Monday as economic concerns reflected in dismal jobs data, tepid demand and rising fuel inventories pressured the oil markets.
"The ... economic hopefulness has run head-long into the reality of extraordinary joblessness in the U.S. and globally," John Kilduff, senior vice president at MF Global in New York, said in a research note.
The U.S. service sector contracted in June, but at a slower pace than in May, but its support for oil during the session was short-lived.
The Institute for Supply Management's services index rose to 47.0 last month from 44.0 in May, above economists' forecast. [ID:nN06223023]
Last week, the Labor Department said U.S. employers cut 467,000 jobs in June, while the unemployment rate rose to 9.5 percent, the highest level since August 1983. [ID:nN01210643]
Markets await a Group of Eight summit July 8-10.
The yen gained broadly and the dollar edged up as investors nervous about the global economy shunned risk. [USD/]
The dollar hit a five-week low against the yen but briefly touched a two-week high against the euro as fallout from last week's grim U.S. jobs data unnerved investors who had bet on an improving world economy.
PRICES
* On the New York Mercantile Exchange, August crude CLQ9 settled down $2.68, or 4.02 percent, at $64.05 a barrel, the lowest settlement since May 27's $63.45. It traded from $63.40 to $67.17.
* At the day's low, prices had fallen $9.98, or 13.6 percent, from last Tuesday's $73.38 peak, which was the highest intraday for front-month crude since Oct. 21's $75.69.
* In London, August Brent crude LCOQ9 ended down $1.56, or 2.38 percent, at $64.05 barrel, trading from $63.26 to $65.46.
* NYMEX August RBOB RBQ9 settled down 5.04 cents, or 2.81 percent, at $1.7404 a gallon, the lowest since front-month gasoline ended at $1.6806 on May 15. It traded from $1.7195 to $1.80.
* NYMEX August heating oil HOQ9 ended down 7.50 cents, or 4.41 percent, at $1.6266 a gallon, the lowest settlement since May 28's $1.6014. It traded from $1.6234 to $1.7099.
* The August/August RBOB crack spread <0#RB-CL=R> ended at $6.05, falling from $8.48 on Thursday. The August/August heating oil crack spread <0#CL-HO=R> ended at $4.27, dropping from $4.74 on Thursday.
* The spread between the current front month and the five-year forward crude contract CLc61 ended at $16.03, widening from $15.30 on Thursday. The August 2014 contract settled at $80.08, down $1.95, or 2.38 percent.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $68.55/$69.63
Technical support/resistance:
NYMEX crude: $62.15/$66.00
NYMEX heating oil: $1.6250/$1.7250
NYMEX RBOB: $1.72/$1.82
For a full report on technicals, click on [ID:nL6222899]
MARKET NEWS
* A Reuters survey of analysts on Monday ahead of weekly inventory reports yielded a forecast for crude oil supplies to have fallen 2.2 million barrels last week. Distillate and gasoline supplies were expected to have increased. [EIA/S]
* Nigerian militants said they sabotaged a Chevron (CVX.N) oil facility and seized a chemical tanker and six crew members. The Movement for the Emancipation of the Niger Delta said it attacked Chevron's facility on Sunday, hours after it sabotaged a Royal Dutch Shell (RDSa.L) operated oil well. [ID:nL627910]
* Saudi Arabia plans to keep oil shipments to the U.S. unchanged in August, several U.S. buyers of Saudi crude told Reuters on Monday. [ID:nN06263888]
* Saudi Arabia is expected to import less motor fuel in July because of the start-up of a gasoline production unit at its $10.3 billion Rabigh Refining and Petrochemical Co 2380.SE. [ID:nSP192894]
* France and Britain called for talks between oil producers and consumers to curtail price volatility. [ID:nL6271869] (Reporting by Robert Gibbons and Gene Ramos; Editing by Lisa Shumaker)
