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RTRS: NYMEX-Crude moves up on economy optimism, dollar
 
* Weaker dollar helps lift crude
* BP to halve Gulf of Mexico Thunder Horse crude output
* Coming up: CFTC trader positions data Fri 3:30 p.m. EDT
NEW YORK, April 9 (Reuters) - U.S. crude oil futures edged
up in choppy trading on Friday, lifted by a weaker dollar and
optimism about U.S. consumer demand and the Greece debt crisis
which also fueled gains in equities.
"Crude and products futures rose for the first time in
three days in heavy overnight volume as the dollar lost ground
and global equities strengthened," Addison Armstrong, analyst
at Tradition Energy in Stamford, Connecticut, said in a note.
Trading sources also said they continue to see the pattern
of buying into price dips and also cited the possibility that
Chinese demand would be increased if the yuan is revalued
higher against the dollar.
The euro rose broadly, recovering from early losses as
speculation intensified Greece may soon receive help in dealing
with its huge public debt load. [USD/]
The dollar weakened against a basket of currencies .DXY.
World stocks moved up as stronger U.S. retail sales boosted
optimism about the economic recovery. [MKTS/GLOB]
Copper was higher, flirting with the key $8,000 a tonne
level as investors cheered buoyant U.S. economic data and bet
that top consumer China may soon revalue its currency.
[ID:nLDE6370XM]
BP Plc (BP.L) will cut production at its 250,000
barrel-per-day Gulf of Mexico Thunder Horse platform, likely
for weeks, for planned maintenance, a source familiar with the
matter said on Friday. [ID:nWLB2094]
A cash crude trader pegged the Thunder Horse crude grade at
a bid/offer spread of 75/25 cents below West Texas Intermediate
on Friday. The most recent trade for the grade was heard at 85
cents under WTI earlier this week.
Crude futures settled lower a second straight session on
Thursday as rising U.S. crude and distillate inventories,
highlighted in Wednesday's government inventory report [EIA/S],
higher U.S. jobless claims and the strong dollar helped
pressure oil.
PRICES
* On the New York Mercantile Exchange at 10:07 a.m. EDT
(1407 GMT), May CLK0 crude was up 42 cents, or 0.49 percent,
at $85.81 a barrel, trading from $85.45 to $86.37.
* In London, May Brent crude LCOK0 rose 64 cents, or 0.75
percent, to $85.45 a barrel, trading from $85.10 to $85.94.
* NYMEX May RBOB RBK0 edged up 0.77 cent, or 0.34
percent, to $2.3060 a gallon, trading from $2.2992 to $2.3184.
* NYMEX May heating oil HOK0 rose 1.51 cents, or 0.68
percent, to $2.2433 a gallon, trading from $2.2307 to $2.2583.
* The May/May heating oil crack spread <0#CL-HO=R> was at
$8.40. It ended Thursday at $8.19. The May/May RBOB crack
spread <0#RB-CL=R> was at $11.05. It ended Thursday at $11.14.
* The spread between the current front month and the
five-year forward crude contract CLc61 was at $5.93, based on
the May 2015 contract Thursday settlement at $91.74. The spread
ended Thursday at $6.35.
MARKET NEWS
* Iran cut the official selling price for its Heavy and
Forozan grades for May loading to Asia, the Mediterranean and
Northwest Europe, a National Iranian Oil Co source said on
Friday. [ID:nSGE6380DK]
* The loading program for the BP-led Baku-Tbilisi-Ceyhan
oil pipeline in May has scheduled exports of around 787,000
bpd, up from 657,000 bpd in April, a trade source said on
Friday. [ID:nLDE6371UD]
* U.S. wholesale inventories rose more than expected in
February, while sales climbed to their highest level since
October 2008, a government report showed. [ID:nN09254073]
(Reporting by Robert Gibbons; editing by Jim Marshall)
Source