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RTRS: NYMEX-Crude slips on dollar rise, eyes Fed, OPEC
 
* Dollar up, weighing on oil as euro weighed by Greece
* Coming up: Oil market eyes OPEC, Fed meetings this week
NEW YORK, March 15 (Reuters) - U.S. crude oil futures fell
on Monday as the dollar strengthened and amid follow-through
weakness after the previous session's close to the downside.
Oil markets also eyed this week's U.S. Federal Reserve
meeting to see if it remains committed to low interest rates
and the OPEC ministers' meeting in Vienna where they will
consider output and market share policy.
"Oil in New York is trading below $81 a barrel as the
dollar index gained for the first time in four days. European
stocks are slightly lower as investors are cautious ahead of
the (Fed) meeting this week," Addison Armstrong, analyst at
Tradition Energy in Stamford, Connecticut, said in a research
note.
The euro slid against the U.S. dollar, hampered by a lack
of progress on a financial aid package for debt-strapped
Greece. [USD/] The dollar was up against a basket of
currencies. .DXY
U.S. stocks fell at the open, weighed by persistent
concerns over a possible monetary tightening in China that
could slow the global recovery from recession. [.N]
Those worries about the potential for China tightening
monetary policy also weighed on copper. [ID:nLDE62E0V7]
OPEC ministers have indicated that there is no need to
change output targets at Wednesday's meeting in Vienna with
prices in the $70 to $80 range, but soft demand is prompting
calls to improve compliance. [ID:nLDE62E0LM]
"For the March program, we saw over 80 cargoes scheduled to
be booked out of the Arabian Gulf, the most for single month
since last August," Dahlman Rose & Co said in its Marine
Transport Weekly report on Monday, another indication of a
market attracting supply.
PRICES
* On the New York Mercantile Exchange at 10:15 a.m. EDT
(1415 GMT), April CLJ0 crude was down $1.57, or 1.93 percent,
at $79.67 a barrel, trading from $79.54 to $81.31.
* In London, April Brent crude LCOJ0 fell $1.56, or 1.96
percent, to $77.83 a barrel, trading from $77.71 to $79.53.
* NYMEX April RBOB RBJ0 fell 3.74 cents, or 1.66 percent,
to $2.2176 a gallon, trading from $2.2155 to $2.2622.
* NYMEX April heating oil HOJ0 fell 3.40 cents, or 1.62
percent, to $2.06 a gallon, trading from $2.0566 to $2.1065.
* The April/April heating oil crack spread <0#CL-HO=R> was
at $6.84. It ended Friday at $6.71. The April/April RBOB crack
spread <0#RB-CL=R> was at $13.49. It ended Friday at $13.47.
* The spread between the current front month and the
five-year forward crude contract CLc61 was at $9.03, based on
the April 2015 contract Friday settlement at $88.70. The spread
ended Friday at $7.46.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $81.17/$80.02
Technical support/resistance:
NYMEX crude: $80.16/$83.16
NYMEX heating oil: $2.0647/$2.1233
NYMEX RBOB: $2.2183/$2.2917
For a full report on technicals, click on [ID:nLDE62E0ZM]
MARKET NEWS
* The New York Federal Reserve's "Empire State" general
business conditions index dropped to 22.86 in March from 24.91
in February, falling less than forecast as employment in the
sector rose to its highest since October 2007. [ID:nNYS007845]
* OPEC is likely to leave oil output unchanged at its
Wednesday meeting in Vienna because current prices are linked
more to speculation than to supply and demand, Libya's top
energy official said. [ID:nLDE62E137] [ID:nLDE62A12D]
Source