NYMEX-Crude above $72 on dollar, economic optimism

* U.S. jobless claims fall, May retail sales up

* Dollar down versus euro on U.S. economic data

* IEA: Demand to shrink less than previous estimate

NEW YORK, June 11 (Reuters) - U.S. crude oil futures
extended gains above $72 a barrel midday on Thursday as the
dollar's weakness broadened and underpinned by a higher demand
forecast from the International Energy Agency.

The dollar, often moving opposite crude oil's direction,
fell as the euro broke above $1.41, rising about 1 percent on
the day, as optimism about an improving global economy
continued to sap demand for the dollar as a safe haven. [USD/]

The Paris-based IEA earlier said in its latest estimate for
2009 that oil demand will contract less than previously
expected, easing worries about low consumption. [ID:nLB402541]

The IEA's forecast follows a revised estimate earlier this
week from the U.S. government's Energy Information
Administration, which raised its oil demand forecast.

In the United States, the number of workers filing new
claims for jobless benefits last week hit the lowest level
since January and retail sales rose for the first time in
three months in May.

Wall Street rose as oil and other commodity prices climbed
while the data on retail sales and jobless claims data raised
hopes for an economic recovery. [.N]

"The dollar is falling, the stock market is up and the IEA
has revised its demand forecast upwards--all are combining to
support this rally in crude futures," said Mark Waggoner,
presdient of Excel Futures, in Huntington Beach, California.

"The IEA's revision is not that much but it is symbolic in
that we're seeing the tide turn as far as demand is concerned.
Add that as one of those 'green shoots' for the economic
recovery," he added.

The day's gains on crude futures extended Wednesday's climb
to above $71 on government data showing a larger than expected,
4.4 million barrel drawdown in crude stocks last week. [EIA/S]

TECHNICALS

NYMEX crude 10-day/20-day moving average: $68.41/$64.36

Technical support/resistance:

NYMEX crude: $70.54/$71.79

NYMEX heating oil: $1.8050/$1.8139

NYMEX RBOB: $1.9740/$2.0000

For a report on technicals click [ID:nLB004722]

PRICES

* On the New York Mercantile Exchange at 12:25 p.m. EDT
(1625 GMT), July crude CLN9 was up $1.19, or 1.67 percent, at
$72.52 a barrel, trading from $71.32 to $72.78, the highest
intraday since prices hit $75.69 on Oct. 21. It settled at
$71.33 on Wednesday, the highest close since Oct. 20's $74.25.

* In London, July Brent crude LCON9 was up 81 cents, or
1.14 percent, at $71.61 a barrel, trading from $70.63 to
$71.93. It settled on Wednesday at $70.80 a barrel, the highest
close since Oct. 20's $72.03.

* NYMEX July RBOB RBN9 was up 4.32 cents, or 2.1 percent,
at $2.0585 a gallon, trading from $2.0170 to $2.0684, the
highest intraday since Oct. 9's $2.0690. It settled on
Wednesday at $2.0153, highest close since Oct. 9's $2.0273.

* NYMEX July heating oil HON9 rose 2.15 cents, or 1.17
percent, to $1.8541 a gallon, trading from $1.8309 to $1.8610,
the highest intraday since Nov. 17's $1.8906. It settled on
Wednesday at $1.8326, highest close since Nov. 13's $1.8750.

* The July/July RBOB crack spread <0#RB-CL=R> was at $13.94
after ending at $13.31 on Wednesday. The July/July heating oil
crack spread <0#CL-HO=R> was at $5.35. It endded at $5.64 on
Wednesday.

* The spread between the current front month and the
five-year forward crude contract CLc61 was at $13.58, after
ending at $14.77 on Wednesday. The July 2014 contract settled
on Wednesday at $86.10, up 48 cents, or 0.56 percent.

MARKET NEWS

* Initial claims for unemployment benefits fell 24,000 to
601,000 in the week ended June 6, the Labor Department said.
The number of people with continuing claims rose to a record
6.82 million in May 30 week, it said. [ID:nN11493223]

* Sales at U.S. retailers rose for the first time in three
months in May as expected, up 0.5 percent after falling in
April, the Commerce Department said. [ID:nN10459266]

* OPEC seaborne oil exports, excluding Angola and Ecuador,
will rise 140,000 barrels per day in the four weeks to June 27,
said Roy Mason, an analyst at UK Consultancy Oil Movements.
[ID:nWL!6455]
(Reporting by Gene Ramos)