Friday, April 8, 2011

NYMEX-Crude hits 30-mth high on dollar, supply woes

* Dollar weakness boosts oil, other commodities
* Prolonged Libyan supply cuts seen as fighting rages
* Protests in Syria, Yemen continue; Israel strikes Gaza
* Coming up: API petroleum data,

NEW YORK,(Reuters) - U.S. crude oil futures ended
at their highest level in 30 months on Friday, rising for the
sixth day in seven and pushing gains to a third week, as a
decline in the dollar spurred a broad rally in commodities.

The dollar was weighed dowm by a potential government
shutdown which analysts said could hinder economic recovery,
and by expectations that interest-rate differentials will widen
further in Europe's favor. [USD/]

With a midnight deadline looming, the White House and
Congress struggled to break a budget impasse that threatened to
shut down the U.S. government and idle hundreds of thousands of
federal workers.

Fears of prolonged supply outages in Libya persisted as
fighting raged in the North African oil producer.

Worries about possible supply cuts in the wider Middle East
were unabated with protests flaring across the Arab world.


* On the New York Mercantile Exchange, crude futures for
May delivery CLK1 settled at $112.79 a barrel, the highest
price since Sept. 22, 2008, when front-month prices closed at
$120.92. It traded from $110.11 to $112.86.

* For the week, front-month futures rose $4.32, or 3.98
percent, up for the third straight week. Prices advanced
$21.72, or 21.5 percent, in that three-week period. CLc1.

* In London, ICE Brent crude for May delivery LCOK1 ended
at $126.65, rising $3.98, or 3.24 percent. It was the highest
settlement for a front-month contract since July 30, 2008, when
prices closed at $127.10. It traded from $122.28 to $126.87.

* For the week, front-month Brent rose $7.95, or 6.7
percent, extending gains to the fourth consecutive week. In
that period, Brent crude rose $12.81, or 11.25 percent.

* NYMEX May heating oil HOK1 settled up 11.37 cents, or
3.55 percent, at $3.3197 a gallon, the highest since the Aug.
4, 2008, close at $3.3501. For the week, heating oil rose 18.52
cents, or 5.91 percent, gaining for the third week running,
during which it rose 29.54 cents, or 9.8 percent.

* NYMEX May RBOB RBK1 ended up 7.42 cents, or 2.33
percent, at $3.2607 a gallon, the highest since the July 16,
2008, close at $3.2794. For the week, RBOB rose 10.94 cents, or
3.47 percent, gaining for third week in a row, during which it
leaped 31.13 cents, or 10.55 percent.

* Money managers raised their net-long crude oil futures
and options positions in the week through April 5 by 13,231 to
305,297, the Commodity Futures Trading Commission said.

* Money managers raised their net long positions in futures
and options of RBOB gasoline by 3,104 to 64,471, and heating
oil, by 971 to 38,596 in the same week, the CFTC said.

* Twenty-two demonstrators were killed in Syria and four
were shot dead in Yemen while Egyptians staged one of the
biggest rallies since President Hosni Mubarak's fall.

* Libyan rebels said they repelled an assault by government
troops on the eastern flank of the coastal city of Misrata but
the fighting forced residents to flee the area.

* Israeli air strikes and shelling killed nine Palestinians
in the Gaza Strip, with no end in sight to an Israeli operation
against Hamas Islamists.

* Violence rocked Nigeria ahead of Saturday's parliamentary
leading refineries will raise crude oil
throughput in April by 2 percent from the lowest daily volume
in a year in March, a Reuters survey showed.


* The euro rose to a 15-month peak against the dollar, on
pace for a gain of 1.7 percent this week, weighed by the
prospect of a U.S. government shutdown that could crimp the
economic recovery.

* U.S. equities fell as the spike in oil prices revived
worries that inflation would derail the recovery.

* Gold rose to a record for a fourth straight day and
silver surged on the weaker dollar.

* Copper rose more than 2 percent, its biggest weekly
advance since December as the dollar weakened and on heigthened
demand for the metal as a hedge against inflation.


* U.S. Energy Information Administration weekly inventory
data, due April 13, 10:30 a.m. EDT (1430 GMT).

CLc1 112.79 2.49 2.3% 110.11 113.21 287,396 334,906
CLc2 113.37 2.49 2.3% 110.64 113.79 141,385 144,492
LCOc1 126.65 3.98 3.2% 122.28 126.91 143,656 155,315
RBc1 3.2607 0.0742 2.3% 3.1790 3.2715 38,742 55,449
RBc2 3.2462 0.0739 2.3% 3.1689 3.2553 27,989 34,441
HOc1 3.3197 0.1137 3.6% 3.2000 3.33 45,528 44,726
HOc2 3.3292 0.1112 3.5% 3.2179 3.3372 28,628 22,135

CRUDE 633,420 696,794 655,616 1,568,417 694
RBOB 100,538 124,174 106,529 286,614 1,630
HO 107,079 96,810 121,125 305,837 216

(Reporting by Gene Ramos and Robert Gibbons)

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