January 28, 2011 / 3:09 PM / 8 years ago

NYMEX-Crude up after data shows U.S. Q4 growth

 * U.S. economy grows in Q4 2010, consumers spending
 * US crude rise comes after dip on OPEC output boost talk
 * Coming up: CFTC positions data at 3:30 p.m. EST Friday
 NEW YORK, Jan 28 (Reuters) - U.S. crude oil futures rose
sharply on Friday, extending an earlier modest rise after
government's preliminary estimate of fourth-quarter 2010
economic activity showed the economy grew at a 3.2 percent
annual rate, though that was below expectations for growth of
3.5 percent.
 Consumer spending helped fuel the growth, with that
increase the biggest since first quarter 2006.
 "The data was a mixed bag, with the GDP growth less than
expected, but oil had a bullish reaction initially probably on
the belief that the Fed will stick with its stimulus policy and
perhaps a bounce on the strong consumer spending," said Phil
Flynn, analyst at PFGBest Research in Chicago.
 "There is growing concern about the situation in Egypt and
Yemen and there may be worry about not going into the weekend
being too short."
 U.S. crude prices fell nearly 2 percent on Thursday on
increasing talk and expectations of a possible boost in OPEC
output to cool prices, with Brent crude futures having reached
$99 a barrel this month.
 FUNDAMENTALS
 * On the New York Mercantile Exchange, March crude CLH1
rose $1.43, or 1.43 percent, to $87.07 a barrel at 10:01 a.m.
EST (1501 GMT), trading from $85.11 to $86.46.
 * The U.S. economy gathered speed in the fourth quarter, if
a touch below expectations, with the biggest gain in consumer
spending in more than four years and strong exports.
[ID:nN27219246]
 * OPEC output has risen in January to the highest since
December 2008, a Reuters survey found on Friday, suggesting oil
prices near $100 a barrel are encouraging the group to pump
more oil. [ID:nLDE70R101]
 * FACTBOX-Security developments in Egypt: Police fire
rubber bullets at thousands of protesters at the prominent
al-Azhar mosque in city center. [ID:nLDE70R18U]
 * Iran will continue to supply oil to India for the time
being, Iranian sources and Indian company officials said on
Friday, as the two try to resolve an impasse over payments.
[ID:nSGE70R0B9]
 * U.S. consumer sentiment improved in late January, as
hopes of a stronger economy and more jobs overcame worries
about rising costs for food and gasoline, a survey released on
Friday showed. [ID:nN28101286]
 MARKETS NEWS
 * The dollar trimmed losses against the yen and gained
versus the euro in volatile trading after data showed the U.S.
economy gathered speed in the fourth quarter though gains were
less than expected. [USD/]
 * U.S. Treasury debt prices retreated as news that the U.S.
economy gathered speed in the fourth quarter, aided by growth
in exports and the biggest consumer spending gain in more than
four years, weakened the bid for safe-haven U.S. debt.
[ID:nN28338294]
 * Copper rose and tin hit another record high, both boosted
by supply concerns. [MET/L]
10:01    LAST     NET    PCT     LOW    HIGH  CURRENT  DAY AGO
              CHNG   CHNG                      VOL      VOL
CLc1    87.07    1.43   1.7%   85.11   87.32  185,868  347,753
CLc2    89.54    1.28   1.5%   87.96   89.61  121,982  151,152
LCOc1   97.85    0.49   0.5%   97.14   98.05   87,188  201,584
RBc1   2.3946  0.0130   0.6%  2.3869  2.4044    2,058   21,486
RBc2   2.4295  0.0159   0.7%  2.4112  2.4365    7,259   59,759
HOc1   2.6675  0.0129   0.5%  2.6440   2.673    2,675   23,395
HOc2   2.6678  0.0127   0.5%  2.6425  2.6753   15,915   69,351
 * NYMEX crude oil for March CLc1 rose $1.43 to $87.07 a
barrel by 10:01 a.m. in volume of 186,841 lots.
 (Reporting by Robert Gibbons; editing by Jim Marshall)


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