NYMEX-Crude bounces up on U.S. economic data

* U.S. April construction spending spikes

* China, Europe data had earlier pushed oil lower

* Coming up: API oil inventory report delayed to Wednesday

NEW YORK, June 1 (BestGrowthStock) – U.S. crude oil futures rose on
Tuesday, lifted by positive U.S. economic data that helped Wall
Street and the euro bounce after world equities, the euro and
oil futures were pressured earlier on concern about the pace of
growth in China and the euro zone.

“The construction spending and manufacturing helped stocks
turn positive and bounced crude up after it was sharply lower
on the China and Europe data,” said Richard Ilczyszyn, senior
market strategist at Lind-Waldock in Chicago.

U.S. construction spending rose unexpectedly in April,
recording its largest monthly increase in nearly 10 years,
according to the Commerce Department. [ID:nN0198011]

The U.S. manufacturing sector expanded in May but at a
slower pace than April, while employment rose slightly to its
best level in six years, according to report from the Institute
for Supply Management. [ID:nWEN5329]

U.S. equities markets rose on the reports after being
slightly lower at the open. [ID:nN01108052] The dollar index (Read more about the global trade. )
(.DXY: ) reversed and weakened against a basket of currencies.

World stocks fell [MKTS/GLOB] earlier, as did the euro,
which hit a four-year low before bouncing and erasing losses
[USD/], on concerns that slower growth in China and the euro
zone would hamper the global economic recovery.

The purchasing managers’ index of the China Federation of
Logistics and Purchasing eased to 53.9 in May from April’s
55.7. An index from British research firm Markit for HSBC
dropped to an 11-month low of 52.7 in May. [ID:nTOE65001Z]

Manufacturing activity in the euro zone expanded at a
slower pace in May than April’s 46-month high, the Markit
Eurozone Manufacturing Purchasing Managers’ Index showed. Cost
pressures also rose as raw material costs were forced up by the
weaker euro. [ID:SLAVGE65K]

Weekly oil inventory reports will be delayed due to
Monday’s Memorial Day holiday. The American Petroleum Institute
will issue its report on Wednesday at 4:30 p.m. EDT (2030 GMT).
The U.S. Energy Information Administration’s report is set to
arrive on Thursday at 11 a.m. EDT (1500 GMT).

PRICES

* On the New York Mercantile Exchange at 10:52 a.m. EDT
(1452 GMT), July crude (CLN0: ) was up 76 cents, or 1.03 percent,
at $74.73 a barrel, trading from $71.64 to $75.33.

* The $64.24 intraday low on May 20 was the weakest
front-month price since $62.76 was struck on July 30, 2009. The
2010 peak of $87.15, a 19-month high, was struck on May 3.

* In London on the Intercontinental Exchange, July Brent
crude (LCON0: ) bounced 22 cents, or 0.29 percent, to $74.87 a
barrel, trading from $75.39 to $71.51.

* NYMEX June refined products contracts expired on Friday.

* NYMEX July RBOB (RBN0: ) rose 1.20 cents, or 0.59 percent,
at $2.0386 a gallon, trading from $1.9707 to $2.0537.

* NYMEX July heating oil (HON0: ) rose 2.37 cents, or 1.18
percent, to $2.0282 a gallon, trading from $1.9475 to $2.0392.

* The July/July heating oil crack spread (0#CL-HO=R: ) was at
$10.36 a barrel. The spread ended Friday at $10.22. The
July/July RBOB crack spread (0#RB-CL=R: ) was at $10.86. The
spread ended Friday at $11.15.

* The spread between the current front month and the
five-year forward crude contract (CLc61: ) was at $12.41, based
on the July 2015 contract Friday settlement at $87.14. The
spread ended on Friday at $13.35.

TECHNICALS

NYMEX crude 10-day/20-day moving average: $71.32/$72.99

Technical support/resistance:

NYMEX crude: $71.50/$75.75

NYMEX heating oil: $1.94/$2.04

NYMEX RBOB: $1.96/$2.04

For a full report on technicals, click on [ID:nLDE65017Y]

MARKET NEWS

* The Trans Alaska Pipeline restarted late Friday after a
nearly four-day shutdown. [ID:nN28204413]

* France said Iran’s stepping up uranium enrichment leaves
world powers no alternative but new sanctions. [ID:nLDE6501HA]

* Kuwait’s Mina Abdullah refinery will be shut a few days
after a fire, an oil sector spokesman said. [ID:nLDE6501HL]

Money

(Reporting by Robert Gibbons; Editing by Walter Bagley)

NYMEX-Crude bounces up on U.S. economic data