U.S. crude oil futures were lower on Monday, but a Wall Street bounce helped pull oil back from its early low hit amid concerns about a possible global flu outbreak and the potential economic impact. "The swine flu scare hit the stock markets hard. But the equities markets are resilient and after the slide, it looks like it has created a buy opportunity. While this has affected the energy markets as well, I think the scare will die down eventually," said Dan Flynn, analyst at Alaron Trading in Chicago. Governments reacted on Monday to a possible flu pandemic as a virus that has killed 103 people in Mexico and spread to the United States and Canada also reached Europe. [ID:nN27484099] U.S. stocks edged up as a General Motors Corp cost-cutting plan and a technology stocks rebound offset fears about a possible global flu outbreak delaying economic recovery. [.N] PRICES * On the New York Mercantile Exchange at 12:26 p.m. EDT (1626 GMT), June crude CLM9 was down $1, or 1.94 percent, at $50.55 a barrel, trading from $48.01 to $51.45. * In London, June Brent crude LCOM9 fell 82 cents, or 1.59 percent, to $50.85 a barrel, trading from $48.40 to $51.19. * NYMEX May RBOB RBK9 fell 3.10 cents, or 3.15 percent, to $1.4110 a gallon, trading from $1.3520 to $1.4420. * NYMEX May heating oil HOK9, the benchmark for jet fuel trades in the cash products markets, fell 2.63 cents, or 1.92, percent, to $1.3420 a gallon, trading from $1.2785 to $1.3624. * NYMEX May refined products contracts expire on Thursday. * The June/June RBOB crack spread <0#RB-CL=R> was at $8.87 a barrel. It ended at $9.25 on Friday. The June/June heating oil crack spread <0#CL-HO=R> was at $6.44. It ended at $6.65 on Friday. * The spread between the current front month and the five-year forward crude contract CLc61 was at $21.61, based on the June 2014 contract's Friday settlement at $72.16. The spread ended at $20.61 on Friday. TECHNICALS NYMEX crude 10-day/20-day moving average: $49.02/$49.69 Technical support/resistance: NYMEX crude: $48.40/$52.00 NYMEX heating oil: $1.2996/$1.3650 NYMEX RBOB: $1.36/1.45 For a report on technicals click [ID:nLR364653] MARKET NEWS * The dollar and yen rallied across the board on rising risk aversion as concern mounted that a flu outbreak in Mexico could become a global pandemic. [USD/] * World stocks tumbled. [MKTS/GLOB] * Copper fell more than 4 percent. [ID:nLR731889] * Nigerian crude oil exports will exceed its implied OPEC June output target with shipments averaging 1.83 million barrels per day, against 1.82 million set for May, sources said. Its OPEC target is 1.67 million bpd. [ID:nLR744569] * U.S. crude oil CLc1 is forecast to average nearly $51 a barrel in 2009 as analysts raised their consensus forecast for the first time since July 2008. [ID:nLN962233] * OPEC needs to remove 722,000 barrels per day of production to reach full compliance with current targets, OPEC's Secretary General said on Sunday. [ID:nLQ535907] * Saudi Arabia's 100,000 bpd Nuayyim oilfield would be ready to start production in mid-June. [ID:nLR446041] (Reporting by Robert Gibbons and Gene Ramos; Editing by David Gregorio)

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