NEW YORK, Oct 31 (Reuters) - U.S. crude futures slipped Friday as
continued concerns about demand being curbed by a slowing economy pressured
oil futures as November products contracts approached expiration.
Slumping U.S. consumer spending and global stock markets under pressure
combined to weigh on oil futures, despite growing evidence of OPEC members'
preparations to cut output by 1.5 million barrels per day from Saturday.
"Failure of the rally yesterday turning sentiment bearish again," said
Tom Bentz, analyst at BNP Paribas Commodity Futures Inc.
PRICES
* On the New York Mercantile Exchange at 9:37 a.m. EDT (1337 GMT),
December crude CLZ8 was down $1.33 or 2.02 percent at $64.63 a barrel,
trading from $63.12 to $65.77.
* In London, December Brent LCOZ8 fell $1.75 or 2.75 percent to
$61.96 a barrel, trading from $60.62 to $62.52.
NYMEX November refined products contracts expire Friday.
* NYMEX November RBOB RBX8 fell 2.95 cents or 2.01 percent to $1.4375
a gallon, trading from $1.42 to $1.4430.
* NYMEX November heating oil HOX8 fell 3.74 cents or 1.88 percent to
$1.9467 a gallon, trading $1.9230 to $1.9710.
* The December heating oil crack spread <0#CL-HO=R> was at $18.24 a
barrel, and the RBOB crack spread <0#RB-CL=R> was in negative territory at
minus $4.88.
* The spread between the current front-month and the five-year forward
December crude contract CLc61 showed an indicated plus $22, based on the
asked price of $87.05 for the December 2013 crude.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $66.89/$73.71
Technical support/resistance:
NYMEX crude: $61.30/$66.95
NYMEX heating oil: $1.80/$2.00
NYMEX RBOB: $1.4240/$1.50
For a report on oil market technicals click [ID:nLV110594]
MARKET NEWS
* Shares in Asia and Europe fell on Friday, heading for their worst
month ever amid concerns about the deteriorating global economic outlook.
[MKTS/GLOB]
* The dollar rose against most major currencies as global share prices
bumped lower on recession fears. [USD/]
* U.S. consumers cut their spending for the first time in two years
during September. [ID:nN31336271]
* OPEC member Kuwait has notified at least two Asian term customers
that it will cut their crude oil supplies by 5 percent from November,
industry sources said. [ID:nT261409]
* China denied a news report saying domestic fuel prices will be cut by
20 percent, the official Shanghai Securities News reported on Friday, amid
mounting speculation over how and when Beijing will adjust pump rates.
[ID:nPEK314821]
(Reporting by Robert Gibbons; Editing by John Picinich)
