NEW YORK, Sept 24 (Reuters) - U.S. crude oil prices rose on
Friday, posting their biggest weekly gain in two months as the
dollar slid and investors remained expectant that the Federal
Reserve could pump billions of dollars into the U.S. financial
system to support a faltering economic recovery.
Also boosting oil was a surprise rise in Germany's Ifo index of business sentiment and rallying U.S. equities markets as investors latched on to a rebound in business spending and steady August home sales.
A move by the Fed to pump more dollars into the economy could depress the greenback's value and a weak dollar can lift dollar-denominated oil prices as it raises the purchasing power of consumers with other currencies and lessens the value of greenbacks paid to producers.
FUNDAMENTALS
* On the New York Mercantile Exchange, November crude rose $1.31, or 1.74 percent, to settle at $76.49 a barrel, trading from $74.66 to $76.68, highest intraday price since $77.99 was struck on Sept. 14.
* For the week, U.S. crude futures rose $2.83, or 3.84 percent, the biggest percentage rise since jumped $2.97, or 3.91 percent in the week to July 23.
* Tropical Storm Matthew picked up speed on Friday as it headed for Nicaragua and Honduras. Matthew was moving west, but was expected to shift north toward Mexico's Yucatan Peninsula and lose force before reaching the Gulf of Mexico, where most of Mexico's oil wells are located.
* Chevron Corp said a hydrocracking unit was shut at its 330,000 barrel per day Pascagoula, Mississippi, refinery following a Thursday evening fire.
* More European oil companies are trimming their purchases of Iranian oil, company sources said on Friday, citing the increasing difficulty of financial transactions with the Islamic republic.
* Money managers cut net long crude oil positions on the NYMEX in the week through Sept. 21, the Commodity Futures Trading Commission said on Friday.
MARKETS NEWS
* The dollar fell against a basket of currencies to its lowest level since February on the strong German data and the drop in total U.S. durable goods orders.
* U.S. stocks notched their fourth week of gains as investors used a rise in business spending to revive the September rally after three days of losses.
* Gold futures rose, hitting all-time highs above $1,300 an ounce as investors fretted over economic uncertainty after the Federal Reserve raised expectations to take new measures to spur growth.
UPCOMING EVENTS/DATA
* U.S. government consumer confidence data is due at 10 a.m. EDT Tuesday.
SETTLE NET PCT LOW HIGH CURRENT DAY AGO
CHNG CHNG VOL VOL CLc1 76.49 1.31 1.7% 74.66 76.68 272,465 295,903 CLc2 77.65 1.11 1.5% 76.05 78.00 155,976 155,811 LCOc1 78.87 0.76 1.0% 77.69 79.40 137,740 169,286 RBc1 1.9471 0.0297 1.6% 1.9100 1.9609 15,169 30,685 RBc2 1.9404 0.0275 1.4% 1.9052 1.9540 32,942 42,093 HOc1 2.1306 0.0161 0.8% 2.1019 2.1405 17,921 30,293 HOc2 2.1499 0.0164 0.8% 2.1204 2.1603 40,337 45,419
TOTAL MARKET VOLUME OPEN INTEREST
CURRENT Sep 16 30D AVG Sep 23 NET CHNG CRUDE 580,547 1,318,318 13,524 RBOB 76,312 103,221 107,010 242,717 139 HO 91,798 104,524 118,779 333,991 4,198
(Reporting by Robert Gibbons; Editing by David Gregorio) Keywords: MARKETS ENERGY NYMEX (robert.gibbons@thomsonreuters.com; +1 646 223 6059; Reuters Messaging: robert.gibbons.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Also boosting oil was a surprise rise in Germany's Ifo index of business sentiment and rallying U.S. equities markets as investors latched on to a rebound in business spending and steady August home sales.
A move by the Fed to pump more dollars into the economy could depress the greenback's value and a weak dollar can lift dollar-denominated oil prices as it raises the purchasing power of consumers with other currencies and lessens the value of greenbacks paid to producers.
FUNDAMENTALS
* On the New York Mercantile Exchange, November crude rose $1.31, or 1.74 percent, to settle at $76.49 a barrel, trading from $74.66 to $76.68, highest intraday price since $77.99 was struck on Sept. 14.
* For the week, U.S. crude futures rose $2.83, or 3.84 percent, the biggest percentage rise since jumped $2.97, or 3.91 percent in the week to July 23.
* Tropical Storm Matthew picked up speed on Friday as it headed for Nicaragua and Honduras. Matthew was moving west, but was expected to shift north toward Mexico's Yucatan Peninsula and lose force before reaching the Gulf of Mexico, where most of Mexico's oil wells are located.
* Chevron Corp said a hydrocracking unit was shut at its 330,000 barrel per day Pascagoula, Mississippi, refinery following a Thursday evening fire.
* More European oil companies are trimming their purchases of Iranian oil, company sources said on Friday, citing the increasing difficulty of financial transactions with the Islamic republic.
* Money managers cut net long crude oil positions on the NYMEX in the week through Sept. 21, the Commodity Futures Trading Commission said on Friday.
MARKETS NEWS
* The dollar fell against a basket of currencies to its lowest level since February on the strong German data and the drop in total U.S. durable goods orders.
* U.S. stocks notched their fourth week of gains as investors used a rise in business spending to revive the September rally after three days of losses.
* Gold futures rose, hitting all-time highs above $1,300 an ounce as investors fretted over economic uncertainty after the Federal Reserve raised expectations to take new measures to spur growth.
UPCOMING EVENTS/DATA
* U.S. government consumer confidence data is due at 10 a.m. EDT Tuesday.
SETTLE NET PCT LOW HIGH CURRENT DAY AGO
CHNG CHNG VOL VOL CLc1 76.49 1.31 1.7% 74.66 76.68 272,465 295,903 CLc2 77.65 1.11 1.5% 76.05 78.00 155,976 155,811 LCOc1 78.87 0.76 1.0% 77.69 79.40 137,740 169,286 RBc1 1.9471 0.0297 1.6% 1.9100 1.9609 15,169 30,685 RBc2 1.9404 0.0275 1.4% 1.9052 1.9540 32,942 42,093 HOc1 2.1306 0.0161 0.8% 2.1019 2.1405 17,921 30,293 HOc2 2.1499 0.0164 0.8% 2.1204 2.1603 40,337 45,419
TOTAL MARKET VOLUME OPEN INTEREST
CURRENT Sep 16 30D AVG Sep 23 NET CHNG CRUDE 580,547 1,318,318 13,524 RBOB 76,312 103,221 107,010 242,717 139 HO 91,798 104,524 118,779 333,991 4,198
(Reporting by Robert Gibbons; Editing by David Gregorio) Keywords: MARKETS ENERGY NYMEX (robert.gibbons@thomsonreuters.com; +1 646 223 6059; Reuters Messaging: robert.gibbons.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.