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RTRS: NYMEX-Crude up as economic data provide lift
 
NEW YORK, Sept 15 (Reuters) - U.S. crude oil futures rose Tuesday as
reports of higher U.S. retail sales and producer prices lifted oil despite
the usually bearish factor of a stronger dollar.
"Looks like retail sales and PPI data supported. Crude is ignoring the
dollar for now. Crude held trend-line support yesterday near $68 and is
back in bounce mode," said Tom Bentz, analyst at BNP Paribas Commodity
Futures Inc.
Sales at U.S. retailers rose at their fastest pace in three-and-a-half
years in August, according to data released Tuesday by the Commerce
Department. [ID:nN14478930]
U.S. producer prices rose more than twice as much as expected in August
on the biggest surge in gasoline prices in more than 10 years and prices
declined less than expected compared with a year ago, a government report
showed on Tuesday. [ID:nN15543702]
The dollar rose broadly against a basket of major currencies for a
second day on Tuesday. [USD/]
U.S. equities turned positive after a tepid opening. [.N]
Crude oil has recently been hemmed in under its 2009 peak of $75 a
barrel by concerns about rising refined product supplies, especially
distillates.
Crack spreads continued to be weak, with both RBOB and heating oil
spreads based on October crude and products contracts hovering just above
$4 a barrel.
PRICES
* On the New York Mercantile Exchange at 10:04 a.m EDT (1404 GMT),
October crude CLV9 was up 58 cents, or 0.84 percent, at $69.44 a barrel,
trading from $68.48 to $70.06.
* In London, expiring front-month October Brent crude LCOV9 was down
16 cents, or 0.24 percent, at $67.28 a barrel in choppy trading from $66.90
to $67.93.
* NYMEX October RBOB RBV9 was up 1.17 cents, or 0.67 percent, at
$1.7550 a gallon, trading from $1.7343 to $1.7655.
* NYMEX October heating oil HOV9 rose 1.47 cents, or 0.84 percent, to
$1.7569 a gallon, trading from $1.7311 to $1.7665.
* The October/October RBOB crack spread <0#RB-CL=R> was at $4.15, after
ending at $4.36 on Monday. The October/October heating oil crack spread
<0#CL-HO=R> was at $4.16, after ending at $4.31 on Monday.
* The spread between the current front month and the five-year forward
crude contract CLc61 was at $12.99, based on the October 2014 contract
Monday settlement at $82.43. The spread ended Monday at $13.57.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $69.35/$70.73
Technical support/resistance:
NYMEX crude: $66.94/$70.67
NYMEX heating oil: $1.7070/$1.7772
NYMEX RBOB: $1.7070/$1.77796
For a full report on technicals, click on [ID:nLF353449]
MARKET NEWS
* Marathon Oil Corp began restarting its Robinson, Illinois oil
refinery following a power outage Sunday, a spokeswoman said on Tuesday.
[ID:nN15547150]
* A Reuters survey of analysts on Monday forecast that crude supplies
would be down, but product inventories up, last week. Refinery use was seen
lower. [EIA/S]
* OPEC said in monthly report that evidence of an impending world
economic upturn appears to be gathering but recovery will be slow and
gradual. OPEC left its world oil demand forecast for 2010 unchanged.
Source