NYMEX-Crude down on strong dollar, euro zone woes

* Euro slumps, dollar rises on euro zone contagion fears

* POLL: U.S. crude inventories seen down on lower imports

* Coming up: API oil inventory data, 4:30 p.m. EST Tuesday

NEW YORK, Nov 22 (BestGrowthStock) – U.S. crude oil futures ended
lower on Monday as euro slumped and the dollar strengthened due
to uncertainty about how Ireland’s debt bailout would be
carried out.

Investors feared that financial problems may also affect
other euro zone countries saddled with debt.

The day’s losses were pared as some investors bought on the
dip as front-month January crude (CLF1: ), the new front-month
contract, hit a session low below $81.

The day’s loss extended U.S. front-month crude’s (CLc1: )
decline to the sixth time in seven sessions.

FUNDAMENTALS

* On the New York Mercantile Exchange, January crude (CLF1: )
settled 24 cents lower, or 0.29 percent, at $81.74, trading
from $80.68 to $82.87.

* Volume was light, at about 400,000 lots, as of 3:30 p.m.
EDT (2030 GMT), according to preliminary Reuters data, ahead of
the Thanksgiving Day holiday on Thursday, when NYMEX is
closed.

* A Reuters preliminary poll before the release of weekly
industry and government inventory reports forecast a 2.3
million barrel decline in crude stocks, a 1.2 million barrel
drawdown in distillates and a 900,000 barrel drop in gasoline
stocks. [EIA/S]

* The EU and IMF agreed on Sunday to help bail out Ireland
with loans to tackle its banking and budget crisis in a bid to
protect Europe’s financial stability. [ID:nLDE6AK039]

* A Saudi oil industry official told Reuters that oil at
$80 per barrel was a good price under current market
conditions. The remarks were in line with comments from Saudi
Oil Minister Ali al-Naimi this month, who said prices of
between $70 and $90 a barrel were comfortable for consumers, a
shift from previous remarks in which he said $70 to $80 was
ideal. [ID:nLDE6AL03S]

* Saudi Arabia’s aging King Abdullah flew to the United
States for medical treatment on Monday, while a frail Crown
Prince Sultan hurriedly returned from abroad to govern the
world’s largest oil exporter. [ID:nLDE6AL0PW]

* China’s refined fuel stocks fell in October versus
September, dropping for the eighth month in a row, led by
diesel as a government energy-saving campaign spurred diesel
use and forced oil firms to import diesel for the first time in
two years. [ID:nTOE6AL06U]

* Money managers cut net long crude oil positions on the
NYMEX in the week to Nov. 16, from record high levels the
previous period, according to a report late on Friday from the
U.S. Commodity Futures Trading Commission. [ID:nN19209398]

* The Chicago Fed’s index on U.S. national economic
activity (USCFNA=ECI: ) stood at minus 0.28 in October, compared
with minus 0.52 in September, suggesting the economy was still
expanding below-trend. However, the three-month average turned
more negative than September at minus 0.46 from minus 0.33. For
details, click on [ID:nNLAMME63N] [ID:nN22208915]

MARKETS NEWS

* The euro slumped as worries about how Ireland’s debt
bailout would be implemented doused earlier investor optimism
and failed to ease worries about financial problems spread into
other indebted euro zone countries [USD/]

* U.S. equites dropped as political turmoil clouded
Ireland’s debt rescue deal and investors fretted over the
outcome of a broad insider trading probe. [.N]

* Copper ended lower later a slide in Chinese imports added
to concerns about China’s economy (Read more about the fastest growing economy.)-cooling moves while fears of
euro zone debt contagion pushed the dollar up on safe-haven
buying. [ID:nLDE6AL0UM]

* Gold rose as doubt that Ireland can tackle its budget
crisis and concern about possible contagion to other euro zone
nations prompted safe-haven buying, more than offset a stronger
dollar.

UPCOMING DATA/EVENTS

* American Petroleum Institute weekly oil inventory report
on Tuesday at 4:30 p.m. EST (2130 GMT).

* U.S. Energy Information Administration oil inventory
report at 10:30 a.m. EST (1530 GMT) on Wednesday.

* U.S. Energy Information Administration natural gas
storage data at noon EST (1700 GMT) on Wednesday, released a
day early because of Thursday’s U.S. Thanksgiving Holiday.

SETTLE NET PCT LOW HIGH CURRENT DAY AGO

CHNG CHNG VOL VOL
CLc1 81.74 -0.24 -0.3% 80.68 82.87 269,875 147,909
CLc2 82.33 -0.25 -0.3% 81.30 83.43 53,146 324,513
LCOc1 83.96 -0.38 -0.5% 83.11 85.45 140,362 207,656
RBc1 2.1519 -0.0441 -2.0% 2.1303 2.2150 15,576 29,851
RBc2 2.0977 -0.0294 -1.4% 2.0785 2.1500 38,666 53,680
HOc1 2.2686 -0.0058 -0.3% 2.2439 2.3049 20,224 31,108
HOc2 2.2856 -0.0062 -0.3% 2.2611 2.3224 36,037 44,062
TOTAL MARKET VOLUME OPEN INTEREST

CURRENT Nov 19 30D AVG Nov 19 NET CHNG
CRUDE 406,347 519,181 664,540 1,339,738 11,564
RBOB 89,264 137,134 121,742 290,493 45
HO 84,769 #N/A 103,462 317,652 3,748
(Reporting by Gene Ramos and Robert Gibbons; Editing by
Marguerita Choy)

NYMEX-Crude down on strong dollar, euro zone woes