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RTRS:NYMEX-Crude falls on economic growth worry, dollar
 
* Data show China's factory sector growth stalling
* Dollar strength pressures oil, commodities
* Coming up: EIA natgas data at 10:30 a.m. EDT Thursday
NEW YORK, June 23 (Reuters) - U.S. crude futures fell Thursday on
concerns about demand for fuel after forecasts of lower growth in the
United States and data showing some slowing in the growth in China's
factory sector.
Crude initially received a boost on Wednesday after the Federal Reserve
cut its forecasts for U.S. economic growth but also left interest rates
unchanged and said it will leave them exceptionally low for an extended
period. [ID:nN1E75K22F]
But the lack of any hint of further monetary support, eventually helped
strengthen the dollar, which pressured dollar-denominated commodities on
Thursday.
Continued worries about Greece and euro zone debt problems kept the
euro pressured, adding strength to the dollar, and reinforced concerns
about slowed economic growth and demand for oil.
FUNDAMENTALS
* On the New York Mercantile Exchange, August crude CLQ1 fell $2.59,
or 2.7 percent, to $92.82 a barrel by 8:17 a.m. EDT (1217 GMT), trading
from $92.67 to $94.47.
* Key oil consumer China's factory sector barely expanded in June even
as price pressures eased, a purchasing managers' survey showed, reflecting
the impact of monetary policy tightening and slack global demand.
[ID:nL3E7HN07S]
* Singapore onshore stocks of fuel oil rose to a four-week peak in the
week ended June 22, while light distillate inventories hit their highest
level in three weeks, data from International Enterprise (IE) showed.
Middle distillates stocks were lower, falling to a three-week low.
[ID:nL3E7HN16I]
MARKETS NEWS
* The dollar climbed and could extend gains as investors unwound
bullish bets in higher-yielding currencies after the U.S. Federal Reserve
cut growth forecasts and gave no hints of more monetary easing. [USD/]
* Gold broke a four-day rally after the Federal Reserve acknowledged
U.S. growth was slowing but gave no hint that it needed to provide
additional economic stimulus, which bolstered the dollar. [GOL/]
* Investors pulled back in reaction to a relatively downbeat outlook
from the U.S. Federal Reserve, sending world stocks and oil prices lower
and boosting the dollar in a search for safety. [MKTS/GLOB]
* Copper fell on a stronger dollar and concerns about demand in the
United States after the Federal Reserve cut its forecasts for economic
growth and on data showing China's factory sector was close to stalling.
[MET/L]
UPCOMING DATA/EVENTS
* U.S. weekly initial jobless claims data due at 8:30 a.m. EDT (1230
GMT) on Thursday.
* EIA natural gas storage data released at 10:30 a.m. EDT (1430 GMT) on
Thursday.
* Commodities Futures Trading Commission positions data at 3:30 p.m.
EDT on (1930 GMT) on Friday.
8:17 LAST NET PCT LOW HIGH CURRENT DAY AGO
CHNG CHNG VOL VOL
CLc1 92.82 -2.59 -2.7% 92.67 94.47 52,266 41,374
CLc2 93.37 -2.55 -2.7% 93.22 95.07 17,568 323,911
LCOc1 110.75 -3.46 -3.0% 110.62 113.40 97,716 220,843
RBc1 2.9025 -0.0708 -2.4% 2.8980 2.9550 1,270 29,247
RBc2 2.8545 -0.0743 -2.5% 2.8502 2.9092 3,184 39,444
HOc1 2.8789 -0.0760 -2.6% 2.8748 2.9355 1,354 45,919
HOc2 2.8946 -0.0763 -2.6% 2.8898 2.9513 3,142 58,819
* NYMEX crude oil for August CLc1 fell $2.59 to $92.82 a barrel by 8:17
a.m. in volume of 52,266 lots.
(Reporting by Robert Gibbons; Editing by John Picinich)
Source