* India, Japan, U.S. economic data help support oil
* Dollar weakens to 5-month lows
NEW YORK, May 29 (Reuters) - U.S. crude oil futures rose on
Friday as Japanese, Indian and U.S. macroeconomic data and a
slumping dollar added to bullish momentum after this week's oil
inventory reports showed crude supplies down and OPEC kept its
output steady, expecting a pickup in demand.
"Oil market participants' conclusion that the worst of the
recession has passed and a recovery in demand must be at hand
was bolstered overnight by higher-than-expected first-quarter
growth in India and a sharp jump in Japan's April industrial
production," said Mike Fitzpatrick, vice president at MF Global
in New York.
The U.S. economy contracted less than initially estimated
in the first quarter, the Commerce Department said.
Gross domestic product declined at a 5.7 percent annual
rate, less than the 6.1 percent rate estimated by the
government last month; market expectations were for a 5.5
percent contraction. [ID:nN28352285]
The dollar hit five-month lows against a basket of
currencies on Friday. The euro struck its highest level this
year against the dollar at $1.4134 EUR= after a brief dip
after data showed euro zone consumer prices were flat in May
for the first time, raising the risk of deflation. [UDS/]
NYMEX refined products also moved higher, with the June
contracts expiring Friday.
PRICES
* On the New York Mercantile Exchange at 9:37 a.m. EDT
(1337 GMT), July crude CLN9 was up $1.17, or 1.8 percent, at
$66.25 a barrel, trading from $64.68 to $66.47, the highest
intraday price since $70.46 was struck on Nov. 5.
* In London, July Brent crude LCON9 rose $1.05, or 1.63
percent, to $65.44 barrel, trading from $63.96 to $65.70.
* NYMEX June RBOB RBM9 rose 1.95 cents, or 1.02 percent,
to $1.93 a gallon, trading from $1.9055 to $1.9390.
* NYMEX June heating oil HOM9 rose 4.07 cents, or 2.54
percent, to $1.6421 a gallon, trading from $1.5945 to $1.6460.
* The July/July RBOB crack spread <0#RB-CL=R> was at
$13.26. It ended at $13.63 on Thursday. The July/July heating
oil crack spread <0#CL-HO=R> was at $4.00. It ended at $3.40 on
Thursday.
* The spread between the current front month and the
five-year forward crude contract CLc61 was at $11.73, based
on the July 2014 contract settlement on Thursday at $77.98. The
spread ended at $12.96 on Thursday.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $61.19/$58.84
Technical support/resistance:
NYMEX crude: $63.91/$66.99
NYMEX heating oil: $1.5947/$1.6663
NYMEX RBOB: $1.8213/1.9347
For a report on technicals click [ID:nLT292178]
MARKET NEWS
* Japanese factory industrial output rose 5.2 percent in
April, the biggest monthly gain since 1953. [ID:nT20910]
* Japan's oil product sales fell 15.5 percent in April from
a year ago, led by a 19.9 percent fall in gasoline sales that
were inflated a year ago by a one-month tax break, government
data showed on Friday. [ID:nT38301]
* India's economy grew faster than expected in the March
quarter, growing 5.8 percent from a year earlier in
January-March, matching the upwardly revised rate in the
previous quarter, data showed on Friday. [ID:nDEL396731]
* Shell Oil (RDSa.L) reported a temporary unit upset at its
joint venture refinery in Deer Park, Texas, it said in a
message on a community service hotline. [ID:nN29475454]
* Copper rose to a three-week high as the dollar fell and
as economic data from Japan and the United States suggested a
potential pick-up in demand. [ID:nLT242651]
(Reporting by Robert Gibbons; Editing by Walter Bagley)
