* New York State manufacturing data better than expected
* World equities lower, China sees sharpest drop
NEW YORK, Aug 17 (Reuters) - U.S. crude oil futures fell on
Monday as concerns about consumer demand pushed global equities
lower, strengthened the dollar and fueled worries about demand
in commodities markets.
"Crude and products futures fell to their lowest levels in
more than two weeks as global equities dropped as the dollar
strengthened against other major currencies," Addison
Armstrong, analyst at Tradition Energy in Stamford,
Connecticut, said in a research note.
World equities fell by nearly 2 percent on Monday, led by
sharp drops in Asia, while government bonds and the dollar rose
as doubts about the strength of a global economic recovery
triggered a risk asset sell-off. [MKTS/GLOB]
Wall Street opened lower. [.N]
Friday's data showing a further deterioration in U.S.
consumer confidence overwhelmed a report on Monday that Japan
became the third G7 country after Germany and France to pull
out of recession.
NYMEX September crude oil options expire on Monday.
Open interest at the $65 put option stood at 16,718 and at
32,969 at the $60 put option, according to Reuters data,
potentially providing some gravitational pull lower.
PRICES
* On the New York Mercantile Exchange, at 9:48 a.m. EDT
(1348 GMT), September crude CLU9 was down $1.96, or 2.9
percent, at $65.55 a barrel, trading from $65.32 to $67.69.
* That intraday low was lowest since prices fell to $64.96
on July 31.
* In London, October Brent crude LCOV9 fell $2, or 2.8
percent, to $69.44 a barrel, trading from $69.31 to $71.44.
* NYMEX September RBOB RBU9 fell 3.47 cents, or 1.79
percent to $1.9033 a gallon, trading from $1.8971 to $1.9560.
* NYMEX September heating oil HOU9 fell 4.8O cents, or
2.61 percent, to $1.7930 a gallon, trading from $1.7891 to
$1.8525.
* The September/September RBOB crack spread <0#RB-CL=R> was
at $14.39, after ending at $13.89 on Friday. The
September/September heating oil crack spread <0#CL-HO=R> was at
$9.81, after ending at $9.81 on Friday.
* The spread between the current front month and the
five-year forward crude contract CLc61 was at $20.27, based
on the September 2014 contract Friday settlement at $85.82. The
spread ended Friday at $18.31.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $69.50/$68.22
Technical support/resistance:
NYMEX crude: $65.00/$70.00
NYMEX heating oil: $1.80/$1.85
NYMEX RBOB: $1.90/$2.00
For a full report on technicals, click on [ID:nLH352539]
MARKET NEWS
* A gauge of manufacturing in New York state moved into
positive territory in August, suggesting growth in the sector
for the first time since April 2008. [ID:nN17371906]
* The dollar pared gains against the euro after New York
state factory activity data. [USD/]
* Tropical Storm Bill became the first hurricane of the
2009 Atlantic season on Monday but remained far from any land,
the U.S. National Hurricane Center said. [ID:nN17358071]
* Tropical Storm Claudette moved ashore just southeast of
Fort Walton Beach, Florida, on Monday. [ID:nN17358071]
* Tropical Depression Ana moved toward Hispaniola, Cuba and
Florida. [ID:nN17311037]
* Copper eased as concerns over the economic recovery
caused industrial metals to pull back. [ID:nLH32962]
(Reporting by Robert Gibbons; Editing by Lisa Shumaker)
