NYMEX-Crude falls 4.32 pct as dollar soars on China

* Dollar leaps as China raises rates, hits oil

* POLL: US crude stocks up last week, products down

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

NEW YORK, Oct 19 (BestGrowthStock) – U.S. crude oil futures ended more than 4
percent lower on Tuesday, suffering the biggest one-day percentage loss in more
than eight months, as the dollar strengthened on safe-haven buying following a
surprise interest rate increase in China.

Investors fear the move could dampen Chinese and global growth and slow the
country’s voracious demand for oil and other commodities.

Crude futures fell back after rising more than 2 percent on Monday, lifted
by higher refined products futures as strikes in France continued to affect
fuel production and oil shipping.

Gasoline futures posted the biggest percentage loss for the day in the
energy complex, at 4.8 percent, as investors booked profits after front-month
November RBOB (RBX0: ) climbed to a near five-month high earlier this month.

FUNDAMENTALS

* On the New York Mercantile Exchange, November crude (CLX0: ) settled at
$79.49 a barrel, falling $3.59, or 4.32 percent. The November contract expires
on Wednesday.

* The day’s loss was the biggest one-day percentage fall since Feb. 4, when
front-month crude dropped by 4.98 percent. The contract traded as low as
$79.39, the lowest since prices hit $77.55 on Sept. 30. In earlier trading
posted the session high of $83.21.

* U.S. retail gasoline demand rose 2.7 percent last week from the prior
week, but dipped 0.9 percent from the same week a year earlier, the MasterCard
Advisors SpendingPulse report said on Tuesday. [ID:nNLLJLE6KS]

* China will raise its benchmark one-year lending and deposit rate by 25
basis points effective from Oct. 20, China’s central bank said on Tuesday.
[ID:nNBJ1002412]

* An expanded Reuters poll forecast domestic crude stocks rose 1.9 million
barrels in the week to Oct. 15. Distillate stocks fell 800,000 barrels and
gasoline supplies dipped 1.3 million barrels in the same week, the poll showed.

* Workers at France’s top oil port of Fos-Lavera near Marseille blocked 47
oil tankers on their 23rd day of strike action, the port said on Tuesday.
[ID:nWEA2907]

* Strikes at all of France’s 12 oil refineries continued on Tuesday, part
of ongoing protests against government plans to raise the retirement age, a CGT
union official said. [ID:nPISJLE6AG]

MARKETS NEWS

* The dollar rallied broadly while the euro tumbled after a China’s
interest-rate action, prompting investors to cut risk exposure. (.DXY: ) [USD/]

* China’s decision and mortgage foreclosure worries weighed on Wall Street
[.N].

* The Reuters-Jefferies CRB index (.CRB: ) ended down 2 percent, its biggest
one-day drop in 3-1/2 months, as energy, metals and agricultural markets
plunged after the dollar rose on China’s interest rate increase.
[ID:nN19141664]

UPCOMING EVENTS/DATA

* U.S. Energy Information Administration’s oil inventory data, 10:30 a.m.
EDT (1430 GMT) on Wednesday.

SETTLE NET PCT LOW HIGH CURRENT DAY AGO

CHNG CHNG VOL VOL
CLc1 79.49 -3.59 -4.3% 79.39 83.21 121,757 225,081
CLc2 80.16 -3.64 -4.3% 79.96 83.89 444,809 284,111
LCOc1 81.10 -3.27 -3.9% 80.84 84.45 238,511 182,884
RBc1 2.0483 -0.1032 -4.8% 2.0415 2.1535 34,968 32,287
RBc2 2.0327 -0.0948 -4.5% 2.0253 2.1275 49,567 28,848
HOc1 2.1893 -0.0868 -3.8% 2.1870 2.2774 38,775 38,766
HOc2 2.2097 -0.0856 -3.7% 2.2076 2.2956 42,646 27,582
TOTAL MARKET VOLUME OPEN INTEREST

CURRENT Oct 18 30D AVG Oct 18 NET CHNG
CRUDE 788,389 677,631 768,063 1,448,990 13,632
RBOB 114,020 92,054 120,000 269,889 2,958
HO 118,224 94,905 116,646 325,270 -958
(Reporting by Gene Ramos and Robert Gibbons;editing by Sofina Mirza-Reid)

NYMEX-Crude falls 4.32 pct as dollar soars on China