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RTRS: NYMEX-Crude slips on dollar, economic uncertainty
 
* Dollar strength helps pressure crude oil futures
* Inventory reports expected to show crude stocks up
* Coming Up: API oil stocks data, 4:30 p.m. EST (2130 GMT)
NEW YORK, March 9 (Reuters) - U.S. crude oil futures
slipped from eight-week highs on Tuesday, weighed down by the
dollar's strength and uncertainty about economic recovery.
"Crude and products futures fell ... as the dollar
strengthened and global equities slipped," Addison Armstrong,
analyst at Tradition Energy in Stamford, Connecticut, said in a
morning note.
The dollar was stronger against the euro and the dollar
index .DXY amid risk aversion that also boosted the Japanese
yen. [USD/]
The dollar's support also came from news China renewed its
commitment to the U.S. Treasury market. [ID:nSGE628044].
Gains in the dollar also pressured other commodities,
including gold and copper. [GOL/] [MET/L]
U.S. stocks were little changed on Tuesday, the one-year
anniversary of the lows reached in the recession. [.N]
The industry group American Petroleum Institute's weekly
oil inventory report is due on Tuesday at 4:30 p.m. EST (2130
GMT). The U.S. Energy Information Administration report will
arrive on Wednesday at 10:30 a.m. EST (1530 GMT).
A Reuters survey on Monday yielded a forecast for U.S.
crude stocks to have risen 1.9 million barrels last week. The
forecast was for distillate stocks to be lower and gasoline
supplies slightly higher. [EIA/S]
PRICES
* On the New York Mercantile Exchange at 10:30 a.m. EST
(1530 GMT), April CLJ0 crude was down 67 cents, or 0.82
percent, at $81.20 a barrel, trading from $80.16 to $81.77.
* Monday's intraday peak at $82.41 was the highest
front-month crude price since the current 2010 high of $83.95
was struck on Jan. 11.
* In London, April Brent crude LCOJ0 fell 78 cents, or
0.97 percent, to $79.69 a barrel, trading from $78.70 to
$80.26.
* NYMEX April RBOB RBJ0 fell 3.43 cents, or 1.5 percent,
to $2.2549 a gallon, trading from $2.2380 to $2.2830.
* NYMEX April heating oil HOJ0 fell 1.34 cents, or 0.64
percent, to $2.0921 a gallon, trading from $2.0661 to $2.1048.
* The April/April heating oil crack spread <0#CL-HO=R> was
at $6.61. It ended at $6.56 on Monday. The April/April RBOB
crack spread <0#RB-CL=R> was at $13.45. It ended Monday at
$14.28.
* The spread between the current front month and the
five-year forward crude contract CLc61 was at $9.52, based on
the April 2015 contract Monday settlement at $90.72. The spread
ended Monday at $8.85.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $80.13/$78.56
Technical support/resistance:
NYMEX crude: $81.50/$83.95
NYMEX heating oil: $2.0550/$2.12
NYMEX RBOB: $2.20/$2.30
For a full report on technicals, click on [ID:nLDE6281BA]
MARKET NEWS
* Britain's sovereign credit profile has deteriorated but
the country was still within tolerance of a triple-A rating,
Fitch Ratings said on Tuesday. [ID:nWEB4580]
* Crude and oil products stocks in 16 European countries
slipped in February from January, Euroilstock said. Inventories
of middle distillates fell 0.6 percent from January, but were
6.2 percent higher versus year-ago. [ID:nLDE6281PS]
* OPEC ministers meet March 17 amid expectations they will
keep production steady. For a Factbox on OPEC comments ahead of
the meeting click here. [ID:nLDE61P1NL]
(Reporting by Robert Gibbons; Editing by Lisa Shumaker)

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