NYMEX-Crude ends down in late sell-off, awaits data

* POLL: Product stocks up, helps pull down crude

* Dollar down on Fed easing hopes, limits crude’s fall

* Coming up: API oil data at 4:30 p.m. EDT Tuesday

NEW YORK, Sept 28 (BestGrowthStock) – U.S. crude oil futures ended
lower on Tuesday, prompted by a late sell-off after the
front-month November contract failed to hurdle resistance at
the previous day’s high.

Before the sell-off, crude futures had recouped early
session losses, spurred by a weakening of the dollar, which
steered oil investors momentarily away from the greenback.

“November crude failed to break through yesterday’s $77.17
high and that sparked the sell-off as some traders took
profits,” said Chris Dillman, analyst at Tradition Energy in
Stamford, Connecticut.

In early trading, weak U.S. consumer confidence data fueled
expectations that the Federal Reserve will pump more money into
the economy, pushing up equities and crude futures.

Oil investors were gearing up for weekly inventory data in
which a Reuters poll forecast slightly higher distillate and
gasoline stocks and slightly lower crude supplies. [EIA/S]

FUNDAMENTALS

On the New York Mercantile Exchange, crude for November
delivery (CLX0: ) settled down 34 cents, or 0.44 percent, at
$76.18 a barrel, after trading from $75.53 to $77.12, inside
Monday’s range of $75.52 to $77.17.

* Tropical Depression 16 in the Caribbean Sea was close to
tropical storm strength Tuesday as it approached Cuba and
Florida, the U.S. National Hurricane Center said. On its
current track, the system, located just 160 miles (255 km)
south of Havana, Cuba, would steer well clear of the northern
Gulf of Mexico. [ID:nN28181267]

* Qatar Oil Minister Abdullah al-Attiyah said he does not
expect OPEC to make changes in its output quotas when the group
meets in Vienna on Oct. 14. Libya, Iraq, Ecuador and Kuwait
have all said they see no need for a change. [ID:nTOE68R06Y]

* OPEC crude oil supply has fallen in September to the
lowest since November 2009 because of reduced output from
Angola and smaller declines in the United Arab Emirates and
Iran, a Reuters survey showed on Tuesday. Compliance with
supply curbs rose to 57 percent, from 52 percent in August,
according to the survey. [ID:nLDE68R1VK]

* U.S. consumer confidence fell to its lowest level in
seven months in September, fueling worries about the strength
of the economic recovery. But U.S. home prices hovered above
multi-year lows without the homebuyer tax credit that ended in
April, sending a mixed signal on the economy. [ID:nN28177460]

* U.S. crude socks fell 300,000 barrels last week, a
Reuters poll of analysts showed. Distillate stocks rose 400,000
barrels and gasoline stocks added 500,000 barrels, the poll
also showed. [EIA/S]

* U.S. weekly retail gasoline demand fell 0.3 percent last
week, according to the SpendingPulse report by Mastercard
Advisors. [ID:nN28214687]

MARKET NEWS

* Dollar fell broadly as a decline in U.S. consumer
confidence to the lowest level since February increased
expectations that the Federal Reserve will print more money to
buy assets. [USD/]

* U.S. stocks (Read more about the stock market today. ) rose after opening lower weak economic data,
bolstering perception that the data would encourage the Fed to
pump more money into the economy, a move that would bolster
equities. [.N]

* Gold hit a record $1,310.10 an ounce on the weaker U.S.
consumer confidence data, which boosted the metal’s safe-haven
appeal and sent the dollar tumbling to fresh five-month lows
against the euro. [GOL/]

* U.S. copper futures erased earlier losses to end up near
a 5-1/2 month peak as the dollar slumped and growing prospects
for additional monetary easing. [ID:nN28203382]

UPCOMING EVENTS/DATA

* The U.S. Energy Information Administration will release
its weekly petroleum inventory data on Wednesday at 10:30 a.m.
EDT (1430 GMT).

SETTLE NET PCT LOW HIGH CURRENT DAY AGO

CHNG CHNG VOL VOL
CLc1 76.18 -0.34 -0.4% 75.53 77.12 306,498 289,641
CLc2 77.41 -0.09 -0.1% 76.61 78.24 138,100 143,126
LCOc1 78.71 0.14 0.2% 77.74 79.53 170,604 146,394
RBc1 1.9479 -0.0009 -0.1% 1.9313 1.9772 11,881 26,255
RBc2 1.9370 -0.0021 -0.1% 1.9191 1.9664 40,365 38,507
HOc1 2.1245 0.0017 0.1% 2.0967 2.1484 10,521 21,832
HOc2 2.1412 0.0018 0.1% 2.1140 2.1640 37,865 45,400
TOTAL MARKET VOLUME OPEN INTEREST

CURRENT Sep 27 30D AVG Sep 27 NET CHNG
CRUDE 579,430 577,362 733,920 1,334,661 -16,364
RBOB 88,623 88,456 105,216 238,176 -4,541
HO 74,108 96,134 117,107 333,133 -858
(Reporting by Gene Ramos and Robert Gibbons; Editing by Lisa
Shumaker)

NYMEX-Crude ends down in late sell-off, awaits data