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RTRS: NYMEX-Crude dips, choppy after last week's surge
 
NEW YORK, Oct 4 (Reuters) - U.S. crude oil futures edged lower in
choppy trading Monday, consolidating after prices surged more than 6
percent last week while an encouraging Chinese GDP forecast, a French port
strike and a shut Houston Ship Channel limited losses, trading sources
said.
Investors said the market was taking a breather early on Monday to
consolidate after last week's 6.65 percent rise, the best weekly gain in
nearly 7-1/2 months, rising 2 percent on Friday as the dollar slumped and
China posted strong economic data.
FUNDAMENTALS
* On the New York Mercantile Exchange, November crude CLX0 fell 11
cents, or 0.1 percent, to $81.47 a barrel at 8:52 a.m. EDT (1252 GMT),
trading from $80.77 to $81.87.
* China's gross domestic product is forecast to rise 9.5 percent in
2010, accelerating from 9.1 percent in 2009, state television reported on
Sunday. [ID:nTOE69200L]
* A strike at France's top oil port entered its eighth day on Monday,
blocking dozens of oil tankers, trimming output at some refineries and
boosting gasoline prices. [ID:nLDE6930CN]
* The Houston Ship Channel may be closed for three days after a barge
struck a electrical tower on Sunday, downing a power line, the U.S. Coast
Guard said. [ID:nN03278832]
* Qatar has notified at least two Asian buyers that it will supply its
Marine crude at full contracted volumes for November, flat to October
levels, trade sources with knowledge of the matter said. [ID:nTOE69300T]
MARKETS
* The dollar rose, recovering earlier losses as traders cut bets the
currency will weaken, which have been piling up on speculation the Federal
Reserve may further ease U.S. monetary policy. [USD/]
* U.S. stock index futures were lower after a Swiss plan to tighten
banking rules raised fears of smaller bank profits ahead of a new round of
U.S. data. [.N]
* Equity markets in developed countries fell across the board as
investors remained wary of an economic slowdown, while stocks in emerging
market economies rose. [MKTS/GLOB]
* Gold firmed, supported near record highs as investors continued to
worry about the outlook for the dollar. [GOL/]
* Copper steadied, after touching a more than two-year peak in the
previous session, as traders weighed a recovery in the dollar and an
increase in inventories against tightening supply-demand balances. [MET/]
UPCOMING EVENTS/DATA
* U.S. Commerce Department releases August factory orders. 10 a.m. EDT
(1400 GMT). Economists in a Reuters survey forecast a fall of 0.4 percent
following July's increase of 0.1 percent.
8:52 LAST NET PCT LOW HIGH CURRENT DAY AGO
CHNG CHNG VOL VOL
CLc1 81.47 -0.11 -0.1% 80.77 81.87 39,031 418,628
CLc2 82.33 -0.17 -0.2% 81.70 82.71 18,865 195,218
LCOc1 83.68 -0.07 -0.1% 82.90 84.08 46,868 153,491
RBc1 2.0908 0.0047 0.2% 2.0759 2.1023 5,421 6,912
RBc2 2.0841 -0.0023 -0.1% 2.0725 2.1000 5,201 55,719
HOc1 2.2936 -0.0002 0.0% 2.2743 2.3032 2,964 10,511
HOc2 2.3073 -0.0026 -0.1% 2.2896 2.3175 1,815 65,547
* NYMEX crude oil for November CLc1 fell 11 cents to $81.47 a barrel by
8:52 a.m. in volume of 39,032 lots.
(Reporting by Robert Gibbons; Editing by John Picinich)
Source