November 23, 2010 / 1:56 PM / 8 years ago

NYMEX-Crude falls as Korea, Ireland push dollar up

 * Dollar rises on Korea shelling, helps pressure oil
 * North Korea attack sends equities, commodities lower
 * U.S. Q3 growth revised up to 2.5 pct, supportive to oil
 * Coming up: API oil inventory data, 4:30 p.m. EST
 NEW YORK, Nov 23 (Reuters) - U.S. crude oil futures prices
fell on Tuesday as the dollar strengthened and investors looked
to less-risky assets after an exchange of artillery fire on the
Korean peninsula.
 Worries that Ireland's debt crisis might spread to other
euro zone countries also helped strengthen the dollar.
 Investors will be focusing on the release later on Tuesday
of minutes from the Federal Reserve's November meeting and the
first of the weekly oil inventory reports, from the American
Petroleum Institute industry group, late in the day.
 U.S. crude oil inventories likely fell last week as imports
declined, a Reuters analyst survey on Monday showed. Crude oil
stocks were expected to have fallen 2.3 million barrels in the
week to Nov. 19. [EIA/S]
 Distillate and gasoline stocks also were seen lower.
 FUNDAMENTALS
 * On the New York Mercantile Exchange, January crude CLF1
fell $1.05, or 1.3 percent, to $80.69 a barrel by 8:35 a.m. EST
(1335 GMT), trading from $80.28 to $82.10.
 * North Korea fired scores of artillery shells at a South
Korean island on Tuesday, in one of the heaviest attacks on its
neighbor since the Korean War ended in 1953. [IDnL3E6MN0SQ]
 * The U.S. economy grew faster than previously estimated in
the third quarter, government data showed on Tuesday, but still
not enough to address stubbornly high unemployment.
 * Gross domestic product growth was revised up to an
annualized 2.5 percent from 2.0 percent as exports, and
consumer and government spending were stronger than initially
thought, the Commerce Department said in its second estimate.
[ID:nN22286327]
 * OPEC is not likely to change production quotas at its
December meeting in Ecuador if oil prices remain at current
levels, Qatari Energy Minister Abdullah al-Attiyah said.
[ID:nLDE6AM0V6]
 * Nigerian militants said they had attacked a pipeline
feeding an oil refinery in the Niger Delta, underscoring the
vulnerability of energy infrastructure despite recent military
successes in the region. [ID:nLDE6AM07M]
 MARKETS NEWS
 * The dollar rose after North Korea shelled a South Korean
island, adding geopolitical tension to Europe's debt crisis and
driving investors to the relative safety of the U.S. currency.
[FRX/]
 * World stocks fell while the dollar rose broadly after
tensions in the Korean peninsula prompted investors to trim
risky assets, and the euro stayed under pressure as Ireland's
debt crisis raged on. [MKTS/GLOB]
 * Gold eased as weakness in the euro stemming from the
European debt crisis offset any potential price gains from a
major exchange of artillery fire on the Korean peninsula.
[GOL/]
 UPCOMING DATA/EVENTS
 * Redbook weekly U.S. chain store sales at 8:55 a.m. EST
(1355 GMT)
 * U.S. NAR existing home sales for October at 10:00 a.m.
EST (1500 GMT)
 * Richmond Fed manufacturing index for November at 10:00
a.m. EST (1500 GMT)
 * Federal Reserve FOMC minutes of Nov. 2-3 meeting at 2
p.m. EST (1900 GMT).
 * American Petroleum Institute weekly oil inventory report
at 4:30 p.m. EST (2130 GMT).
 * U.S. Energy Information Administration oil inventory
report at 10:30 a.m. EST (1530 GMT) on Wednesday.
 * U.S. Energy Information Administration natural gas
storage data at noon EST (1700 GMT) on Wednesday, released a
day early because of Thursday's U.S. Thanksgiving Holiday.
8:35     LAST     NET    PCT     LOW    HIGH  CURRENT  DAY AGO
              CHNG   CHNG                      VOL      VOL
CLc1    80.69   -1.05  -1.3%   80.28   82.10   60,553   29,612
CLc2    81.26   -1.07  -1.3%   80.89   82.66   12,086  324,513
LCOc1   82.79   -1.17  -1.4%   82.50   84.00   68,520  148,048
RBc1   2.1123 -0.0396  -1.8%  2.1026  2.1535    2,082   29,851
RBc2   2.0673 -0.0304  -1.5%  2.0577  2.1025    3,429   53,680
HOc1   2.2364 -0.0315  -1.4%  2.2280  2.2754    2,897   31,108
HOc2   2.2544 -0.0312  -1.4%  2.2451  2.2921    5,407   44,062
 * NYMEX crude oil for January CLc1 fell $1.05 to $80.69 a
barrel by 8:35 a.m. on volume of 60,553 lots.
 (Reporting by Robert Gibbons; Editing by Dale Hudson)


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