(To see the day's top energy news click [TOP/O])
TOKYO, May 2 (Reuters) - U.S. crude oil futures dipped to
just over $112 on Friday, falling for the fourth straight session
after trading on Monday near $120, as prices slipped further on a
stronger dollar, easing supply concerns from Nigeria and worries
that demand in the United States will slow.
* Front-month U.S. crude for June delivery CLc1 was down 27
cents, or 0.24 percent, at $112.25 a barrel at 0015 GMT on the
Globex electronic trading platform. It extended losses on
Thursday, when it settled lower by 94 cents, or 0.83 percent, at
$112.52.
On Monday, U.S. crude hit a record of $119.93 during trading.
* Gains in the dollar also helped push crude lower, as
investors focused on positive aspects of U.S. spending and core
inflation data, suggesting the Federal Reserve's monetary easing
could slow. [ID:nN01416956]
* In Nigeria, Exxon Mobil (XOM.N) reached a deal with union
workers to end an eight-day strike, which had shut almost all of
the 800,000 barrels per day (bpd) the U.S. oil major pumps in the
West African country. The company said it was resuming
production. [ID:nL0115935]
* On Thursday, data showed that gasoline use in California --
the biggest U.S. market for the fuel -- fell 4.5 percent in
January from a year earlier, the state reported. [ID:nN30524880]
This was on top of a U.S. Energy Information Administration's
monthly report issued this week that showed February demand for
U.S. oil fell 1.5 million barrels per day from a year earlier.
[ID:nN29314731]
* For clues about how the economy of the world's largest oil
consumer is fairing, traders will scrutinise the U.S. Labor
Department's April employment report due at 1230 GMT.
Economists in a Reuters survey expect 80,000 jobs were lost
in the month, a repeat of the March loss. The unemployment rate
is seen at 5.2 percent compared with a 5.1 percent in March.
[nN30472831]
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Diary of upcoming energy news and events -- [O/DIARY]
Oil prices as of 0015 GMT
Contract Mnth Price Change Day ago pct MA-20*
NYMEX Contracts
US Crude JUN8 $112.25 -0.27 -$0.94 -0.83% $113.85
Heat Oil JUN8 311.00 -0.77 -4.03 -1.28% 322.43
RBOB JUN8 287.20 -0.62 -2.81 -0.97% 290.75
Natgas JUN8 $10.561 +0.000 -$0.282 -2.60% $10.396
ICE Contracts
Brent JUN8 $110.36 -0.14 -$0.86 -0.77% $111.68
Gasoil MAY8 N/A N/A -$26.50 -2.47% $1043.26
Note: U.S. heating oil and RBOB gasoline contracts listed in
cents per gallon.
* = 20-day moving average for continuation month.
(Reporting by James Topham)
