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RTRS: NYMEX-Crude up as dollar slips, equities boosted
 
* Dollar weakness against euro helps lift crude
* Coming up: API industry oil data on Tuesday
NEW YORK, March 29 (Reuters) - U.S. crude futures rose on Monday as a
weaker dollar and stronger equities markets bolstered by economic data
helped push crude oil higher.
"The petroleum markets are well bid in early Monday trade, rebounding
smartly from last week's decline on firmer equities and a weaker U.S.
dollar," Tim Evans, analyst at Citi Futures Perspective in New York, said
in a note.
Several trading sources said buy stops above $81.50 area and
end-of-month and end-of-quarter book squaring with a holiday weekend
looming also were part of the price jump.
The dollar was weaker against the euro, though the euro trimmed gains,
pulling away from a session high after Greece's launch of an anticipated
sovereign bond issue highlighted its need to refinance its ballooning
debts. [USD/]
The dollar also was weaker against a basket of currencies. .DXY
Hopes that Greece's sovereign debt crisis may ease after action by the
EU's leaders last week lifted the euro on Monday and allowed European
stocks to gain on the back of higher metal prices. [MKTS/GLOB]
U.S. stock markets opened higher on the eased concerns about Greece and
with investors optimistic about key jobs data later this week.
PRICES
* On the New York Mercantile Exchange at 10:27 a.m. EDT (1427 GMT), May
CLK0 crude was up $2.10, or 2.62 percent, at $82.10 a barrel, trading
from $80.18 to $82.25.
* In London, May Brent crude LCOK0 rose $1.86, or 2.35 percent, to
$81.15 a barrel, trading from $79.48 to $81.44.
* NYMEX April RBOB RBJ0 rose 4.92 cents, or 2.23 percent, to $2.2566
a gallon, trading from $2.2140 to $2.2647.
* NYMEX April heating oil HOJ0 rose 5.72 cents, or 2.76 percent, to
$2.1269 a gallon, trading from $2.0765 to $2.1333.
* April refined products contracts expire on Wednesday.
* The May/May heating oil crack spread <0#CL-HO=R> was at $7.71. It
ended Friday at $7.41. The May/May RBOB crack spread <0#RB-CL=R> was at
$12.86. It ended Friday at $12.76.
* The spread between the current front month and the five-year forward
crude contract CLc61 was at $3.97, based on the May 2015 contract Friday
settlement at $86.07. The spread ended Friday at $6.07.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $81.24/$81.16
Technical support/resistance:
NYMEX crude: $78.86/$82.47
NYMEX heating oil: $2.0415/$2.0999
NYMEX RBOB: $2.1898/$2.2526
For a full report on technicals, click on [ID:nLDE62S13Q]
MARKET NEWS
* U.S. consumer spending rose as expected in February for a fifth
straight month, while stagnant incomes pushed savings to their lowest level
since October 2008, a government report showed on Monday. [ID:nN29201079]
* China's annual economic growth will reach 12 percent this quarter, a
government researcher said in remarks published on Monday. [ID:nLDE62S02B]
* Russia's Gazprom (GAZP.MM) formally launched its first commercial
office in the Asia-Pacific on Monday as it ramps up its presence in
fast-growing Asia to trade liquefied natural gas, oil and source carbon
offsets. [ID:nSGE62S0GI]
* FACTBOX-Big issues for energy producers, consumers at International
Energy Forum [ID:nN26195292]
(Reporting by Robert Gibbons; Editing by John Picinich)
Source