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RTRS: NYMEX-Crude down as U.S. May job gains disappoint
 
* U.S. May jobs rise disappoints, weighs on oil
* Euro weakness hits oil amid ongoing worry about region
* Coming up: CFTC positions report at 3:30 p.m. EDT
NEW YORK, June 4 (Reuters) - U.S. crude oil futures fell on
Friday after the May non-farm payrolls report showed the United
States added fewer jobs than expected, casting doubts about the
strength of economic recovery.
U.S. non-farm payrolls rose in May by 431,000, less than
expected, the Labor Department report said. Expectations were
for 513,000 jobs to be added. [ID:nN03243431]
Private employers hired fewer workers than expected, even
as temporary census hiring pushed overall payrolls growth to
its fastest pace in 10 years, the report showed.
U.S. stocks tumbled more than 1 percent at the open on the
lower-than-expected jobs growth. [.N]
The employment report added to fears over European banks
and talk of a "Greek-style" debt crisis in Hungary, pushing
global stocks lower and the euro to a new four-year trough
against the dollar. [MKTS/GLOB]
Safe-haven investments such as gold and government debt
rose while commodities and European shares extended losses.
"Not only did the total number jobs fall short of
expectations, but most of the job increases were temporary
census workers," said Tom Bentz, broker at BNP Paribas
Commodity Futures Inc in New York.
"The euro fell to a four-year low on worries about
Hungary's sovereign debt and European bank concerns. Crude came
close but held yesterday's $72.32 low," Bentz added.
Crude futures ended 2.4 percent higher after a volatile
session on Thursday, getting a lift from the government's oil
inventory report showing crude oil and gasoline stocks fell
much more than expected. [EIA/S]
PRICES
* On the New York Mercantile Exchange at 10:15 a.m. EDT
(1415 GMT), front-month July crude CLN0 was down $1.39, or
1.86 percent, at $73.22 a barrel, trading from $72.42 to
$75.42.
* The $64.24 intraday low on May 20 was the weakest
front-month price since $62.76 was struck on July 30, 2009. The
2010 peak of $87.15 was struck on May 3.
* In London on the Intercontinental Exchange, July Brent
crude LCON0 fell $1.40, or 1.86 percent, to $74.01 a barrel,
trading from $73.64 to $76.55.
* NYMEX July RBOB RBN0 fell 4.47 cents, or 2.15 percent,
to $2.0365 a gallon, trading from $2.0316 to $2.0977.
* NYMEX July heating oil HON0 fell 3.67 cents, or 1.8
percent to $2.0024 a gallon, trading from $1.9959 to $2.0579.
* The July/July heating oil crack spread <0#CL-HO=R> was at
$10.99 a barrel. The spread ended Thursday at $11.03. The
July/July RBOB crack spread <0#RB-CL=R> was at $12.53. The
spread ended Thursday at $12.80.
* The spread between the current front month and the
five-year forward crude contract CLc61 was at $15.73, based
on the July 2015 contract Thursday settlement at $88.95. The
spread ended on Thursday at $14.34.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $72.41/$72.57
Technical support/resistance:
NYMEX crude: $71.64/$75.72
NYMEX heating oil: $1.9896/$2.0886
NYMEX RBOB: $2.0351/$2.1273
For a full report on technicals, click on [ID:nLDE6530YS]
MARKET NEWS
* China's main ports imported 17.29 million tonnes of crude
oil in May, or 4.07 million barrels per day, up 12.8 percent
from a year earlier but down 7 percent from April, an official
newspaper reported. [ID:nTOE65302F]
* Cyclone Phet, despite weakening to a Category 1 storm,
pummeled Oman's coastline on Friday, killing two and halting
the small oil-producing country's oil and gas production,
officials and state media said. [ID:nLDE6530EG]
(Reporting by Robert Gibbons; Editing by Lisa Shumaker)
Source