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RTRS: NYMEX-Crude up as recovery hopes rise, dollar down
 
NEW YORK, Oct 8 (Reuters) - U.S. crude oil futures rose
more than 2 percent on Thursday on economic recovery optimism
after U.S. equities surged and the dollar weakened.
Wall Street rose following a surprise profit from
bellwether Alcoa Inc (AA.N), a government report showing fewer
new jobless benefit claims filed and upbeat monthly sales
reports from major retailers.
With the rise on U.S. equities, the dollar fell as currency
players sought riskier assets.
"A lower-than-expected unemployment figure in the U.S.,
resurgent commodities prices and a weaker U.S. dollar and
Alcoa's return to profitability all helped push equities and
oil prices higher," said Peter Beutel, president of Cameron
Hanover in New Canaan, Connecticut.
Crude futures fell on Wednesday after weekly data from the
U.S. Energy Information Administration showed gasoline and
distillate supplies at higher-than-expected levels last week.
Traders ignored an unexpected drawdown in crude stocks.
[EIA/S]
PRICES
* On the New York Mercantile Exchange, at 11:25 a.m. EDT
(1525 GMT), November crude CLX9 was up $1.89, or 2.72
percent, at $71.46 a barrel, trading from $69.17 to $71.70.
* In London, November Brent crude LCOX9 was up $2.06, or
3.07 percent, at $69.26 a barrel, trading from $67.07 to
$69.50.
* NYMEX November RBOB RBX9 jumped 5.94 cents, or 3.45
percent, to $1.7797 a gallon, trading from $1.7141 to $1.7867.
* NYMEX November heating oil HOX9 rose 4.81 cents, or 2.7
percent, to $1.8292 a gallon, trading from $1.7701 to $1.8343.
* The November/November RBOB crack spread <0#RB-CL=R> was
at $3.29, after ending at $2.68 on Wednesday. The
November/November heating oil crack spread <0#CL-HO=R> was at
$5.37, after ending at $5.23 on Wednesday.
* The spread between the current front month and the
five-year forward crude contract CLc61 was at $11.84, based
on the November 2014 contract Wednesday settlement at $83.30.
The spread ended Wednesday at $13.73.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $69.20/$69.71
Technical support/resistance:
NYMEX crude: $68.80/$71.30
NYMEX heating oil: $1.75/$1.85
NYMEX RBOB: $1.68/$1.79
For a full report on technicals, click on [ID:nL8307340]
MARKET NEWS
* The number of U.S. workers filing new claims for jobless
insurance fell more than expected to a nine-month low last week
and the number of people collecting long-term unemployment
benefits also fell, Commerce Department data showed.
[ID:nN08515146]
* U.S. wholesalers pared their stocks in August, with
inventories falling for the 12th consecutive month and sales
posting their largest rise in more than a year, according to a
Commerce Department report. [ID:nN07468216]
* Domestic natural gas storage rose 69 billion cubic feet
last week, against the forecast in a Reuters poll for a 62 bcf
increase, according to an EIA report. [ID:nPRWP154]
* Alon USA Energy Inc (ALJ.N) said on Thursday it cut rates
at its oil refinery in Big Spring, Texas, to around 55,000
barrels per day during tie-in work on a new gasoline unit,
which began late last month. [ID:nN08521588]
* Valero Energy Corp (VLO.N) said on Thursday that
production was not impacted by problems Wednesday with a
cooling water pump at its 210,000-barrel-per-day oil refinery
in Delaware City, Delaware. [ID:nN08522288]
* Kuwait's finance minister said the U.S. dollar will
remain the currency of oil trading. [ID:nL8307092]
* Tropical Depression Henri in the western Atlantic should
soon dissipate, the U.S. National Hurricane Center predicted on
Thursday. [ID:nN08509728]
(Reporting by Gene Ramos and Robert Gibbons; Editing by
Christian Wiessner)

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