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RTRS: NYMEX-Crude slips, choppy as Nov approaches expiry
 
NEW YORK, Oct 20 (Reuters) - U.S. crude futures slipped in
choppy trading on Tuesday, but only after reaching a 2009 high
above $80 a barrel as the weak dollar supported oil futures and
the November crude contract headed to expiration.
The November contract approaching expiration could provide
some price volatility and some trading sources expressed
caution about profit taking, or a correction, after crude's
eight consecutive trading days finishing higher.
The dollar hit a 14-month low against a basket of
currencies on Tuesday as policymakers in Europe and Asia
remarked on the dollar slide, but options-related buying kept
it from pushing through $1.50 per euro and 90 yen. [USD/]
The dollar extended losses against the yen while the euro
hovered around a 14-month high after data showed U.S. producer
prices fell in September while housing starts rose slightly.
"With the dollar at or near multiyear lows against the
world's major currencies, investor's may keep looking past
oil's fundamentals as long as U.S. interest rates remain close
to zero," John Kilduff, senior vice president at MF Global in
New York, said in a morning research note.
PRICES
* On the New York Mercantile Exchange at 10:04 a.m. EDT
(1404 GMT), November crude CLX9 was down 44 cents, or 0.55
percent, at $79.17 a barrel, trading from $78.96 to $80.05.
* In London, front-month December Brent crude LCOZ9 fell
27 cents, or 0.35 percent, to $77.50 a barrel, trading from
$77.26 to $78.18.
* NYMEX November RBOB RBX9 fell 0.35 cent, or 0.18
percent to $1.9837 a gallon, trading from $1.9741 to $1.9950.
* NYMEX November heating oil HOX9 dipped 0.20 cent, or
0.1 percent, to $2.0502 a gallon, trading from $2.0387 to
$2.0579.
* The November/November RBOB crack spread <0#RB-CL=R> was
at $4.06, after ending at $2.84 on Monday. The
November/November heating oil crack spread <0#CL-HO=R> was at
$6.80, after ending at $6.58 on Monday.
* The spread between the current front month and the
five-year forward crude contract CLc61 was at $11.56, based
on the November 2014 contract Monday settlement at $90.73. The
spread ended Monday at $11.12.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $75.04/$71.88
Technical support/resistance:
NYMEX crude: $78.00/$80.29
NYMEX heating oil: $2.0165/$2.0837
NYMEX RBOB: $1.9490/$2.0094
For a full report on technicals, click on [ID:nLK095009]
MARKET NEWS
* U.S. Northeast temperatures were expected to be above
normal to normal to Friday and then average near to below
normal in the six-to-10-day outlook, private forecaster DTN
Meteorlogix said. [ID:nDTN458]
* New construction of U.S. homes rose by less than expected
in September, held back by a plunge in ground-breaking activity
for multi-family homes even as single family dwellings
rebounded, the government said on Tuesday. [ID:nN20420176]
* U.S. producer prices dropped an unexpected 0.6 percent in
September, mainly because of a 2.4 percent decline in energy
prices, the Labor Department said. [ID:nN20421137]
* Iran's foreign minister said Iran will never abandon its
"legal and obvious" right to nuclear technology and will not
curb uranium enrichment. [ID:nLK339105]
* A Reuters survey on Monday forecast for U.S. crude stocks
to have risen 2.0 million barrels last week. Distillates and
gasoline supplies were predicted to have declined.
Source