RTRS: NYMEX-Crude up as weak dollar, geopolitics support
* Weak dollar helps support oil, commodities
* Global equities, U.S. stock futures gain, support oil
* Coming up: Fed meeting results, Tuesday 2:15 p.m. EDT
NEW YORK, Aug 9 (Reuters) - U.S. crude oil futures rose Monday, trying
to break a string of three losing sessions and receiving lift from a weak
dollar, stronger equities markets and geopolitical tensions involving Korea
and Iran.
Crude managed to reach $82.97 a barrel intraday last Wednesday
--highest intraday front-month crude price since May 4, before ending the
session lower following a government inventory report that showed gasoline
and distillate stocks rose sharply last week.
Crude futures ended the week with three consecutive losing sessions,
but remained above $80 a barrel.
FUNDAMENTALS
* On the New York Mercantile Exchange, September crude CLU0 rose 69
cents, or 0.8 percent, to $81.39 a barrel by 8:47 a.m. EDT (1247 GMT),
trading from $80.75 to $81.76.
* The dollar was on the defensive against major currencies as
disappointing U.S. jobs data highlighted a weakening U.S. economic outlook
and added to speculation about further monetary easing. [USD/]
* U.S. stock index futures rose as investors shrugged off last week's
dismal employment data and shifted focus to technology shares, including
Hewlett-Packard Co after its chief executive resigned. [.N]
* North Korea fired artillery rounds into the sea off its west coast
near the border with the South, a South Korean military official said,
heightening tension on the divided peninsula. [ID:nTOE678081]
* Iran showed off four new domestically made small submarines on Sunday
that Tehran said would bolster its defense
capability as it vows to confront any military threat from countries
opposed to its nuclear program. [ID:[nLDE6770B1]
* A low pressure system over the Bahamas and southern Florida could
become a tropical depression in a few days as it moves west into the Gulf
of Mexico, the U.S. National Hurricane Center said. The NHC continued to
follow a low pressure system in the central Atlantic that has a 70 percent
chance of strengthening into a tropical depression. But the system was
expected to turn northeast long before reaching land in North America.
[ID:nN09211864]
MARKETS NEWS
* Copper rose as falling inventories and improving expectations for
global demand countered disappointing jobs data from the United States.
[ID:nLDE6780RY]
* Global shares edged up toward a three-month peak amid expectations
the Federal Reserve would buy bonds to buoy the U.S. economy. [MKTS/GLOB]
* Gold rose in Europe as weak U.S. economic data sparked speculation
the Fed would ease monetary policy. [GOL/]
ECONOMIC NEWS
* Conference Board releases employment trend index for July. 10:00 a.m.
EDT (1400 GMT) In the prior report, the index read 96.7.
* The Federal Reserve's policy arm FOMC meets this week. The Federal
Reserve on Tuesday may send a clear signal it is prepared to print more
money to support a faltering economic recovery if necessary. Results of the
Fed meeting are to be released around 2:15 p.m. EDT Tuesday.
[ID:nN09301078]