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RTRS: NYMEX-Crude drops on strong dollar, economic worry
 
NEW YORK, June 22 (Reuters) - U.S. crude oil futures fell
on Monday as a stronger dollar, weaker equities and a World
Bank report calling prospects for recovery "unusually
uncertain" helped pressure the oil market as the front-month
July contract approached expiration.
"Crude and products futures fell for a second day on a
bearish revision from the World Bank and on a stronger dollar,"
Addison Armstrong, analyst at Tradition Energy, in Stamford,
Connecticut, said in a research note.
The World Bank warned on Monday that prospects for the
global economy remained "unusually uncertain," despite recent
signs of improvement in parts of the world, and cut its 2009
growth forecasts for most economies. [ID:nSGP000012]
The euro fell against the dollar and yen and higher
yielding and commodity-linked currencies also slipped on
investor concern for global growth prospects. [USD/]
World stocks slipped on Monday and government bonds rose as
a decline in oil and commodity prices weighed on resource
stocks and caution ahead of this week's economic data weighed
on risky assets. [MKTS/GLOB]
RBOB gasoline futures were the biggest loser on Monday in
percentage terms. The oil futures complex was hit on Friday by
a selloff in RBOB gasoline futures, weighed by last week's
inventory report that showed a sharp, unexpected rise in U.S.
gasoline inventories.
PRICES
* On the New York Mercantile Exchange at 9:45 a.m EDT (1345
GMT), expiring July crude CLN9 was down $1.84, or 2.65
percent, at $67.71 a barrel, trading from $67.50 to $69.89.
* In London, August Brent crude LCOQ9 fell $1.50, or 2.17
percent, at $67.69 a barrel, trading from $67.32 to $69.62.
* NYMEX July RBOB RBN9 fell 5.26 cents, or 1.73 percent,
to $1.8718 a gallon, trading from $1.8646 to $1.9384.
* NYMEX July heating oil HON9 fell 3.72 cents, or 2.08
percent, to $1.7495 a gallon, trading from $1.7395 to $1.8058.
* The spread between the current front month and the
five-year forward crude contract CLc61 was at $16.88, based
on the July 2014 contract Friday settlement at $84.59. The
spread ended at $15.04 on Friday.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $70.73/$68.66
Technical support/resistance:
NYMEX crude: $66.67/$72.30
NYMEX heating oil: $1.7020/$1.8575
NYMEX RBOB: $1.7990/$2.0145
For a report on technicals click [ID:nLM395052]
MARKET NEWS
* China's implied oil demand rose 6 percent in May over a
year ago, its fastest growth since August 2008. China used 7.77
million barrels per day of oil in May, a 2.4 percent rise from
the April level, Reuters calculations from official data showed
on Monday. [ID:nPEK93887]
* Nigeria's main militant group said on Sunday it had
attacked three oil installations belonging to Royal Dutch Shell
(RDSa.L: Quote, Profile, Research) in the Niger Delta. [ID:nLL486595]
* Indian Oil Minister Murli Deora on Monday said the
government had no immediate plans to raise retail prices of
petrol and diesel. [ID:nBMA003189]
* Iran's Revolutionary Guards on Monday threatened to crack
down on street protests after opposition leader Mirhossein
Mousavi called on supporters to stage more demonstrations over
the disputed election. [ID:nLL104015]
(Reporting by Robert Gibbons; Editing by Walter Bagley)

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