NYMEX-Crude lifted by shut Alaskan oil pipeline

* Shut Alaskan crude pipeline lifts oil

* Dollar strength limits crude rise

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

NEW YORK, Jan 10 (BestGrowthStock) – U.S. crude oil futures rose on Monday on
lift from a shutdown of the Trans Alaska Pipeline already curbing
production in the state.

A stronger dollar, as the euro weakened on increasing worries about
Portugal’s debt problems adding to the euro zone woes, helped limit crude
oil’s price rise after prices came within 2 cents of $90 a barrel in early
trading.

The shutdown of the Trans Alaska Pipeline entered its third day on
Monday after a leak was discovered at the northern end of the pipeline in
Prudhoe Bay early Saturday, forcing oil companies to cut output to 5
percent of their average 630,000 barrels per day. [ID:nL3E7CA0T6]

The shutdown of the line, which runs from the Prudhoe Bay oilfield to
the tanker port of Valdez in southern Alaska, has not yet affected
shipments, and tankers are being loaded on schedule at Valdez, meaning
there is no immediate danger of restricted oil supply. [ID:nL3E7CA0T6]

FUNDAMENTALS

* On the New York Mercantile Exchange, February crude (CLG1: ) rose 94
cents, or 1.1 percent, to $88.97 a barrel at 8:52 a.m. EST (1352 GMT),
trading from $88.13 to $89.98.

* For a FACTBOX on Incidents on the Trans Alaska Pipeline, click on
[ID:nN09209531]

* China’s crude oil imports rose 17.5 percent to a record 4.79 million
barrels per day in 2010 from a year ago, official data showed on Monday,
but the growth may slow this year as fewer new refineries come on stream.
[ID:nTOE706073]

* The North Sea Forties crude oil stream will load around 529,000 bpd
in February, up from a revised 465,000 bpd in January, a trade source said
on Monday. [ID:nLDE7091BU]

MARKETS NEWS

* The euro fell (Read more about the trembling euro. ) to a four-month low against the dollar as worries about
Europe’s debt crisis increased after a source said Portugal was under
growing pressure to accept EU/IMF aid. [USD/]

* A senior euro zone source told Reuters pressure was growing on
Portugal from Germany and France to seek financial help from the European
Union and International Monetary Fund to prevent the debt crisis spreading.
[ID:nLDE7080FG]

* U.S. stock index futures fell as renewed concerns about the euro zone
sovereign debt crisis worried investors and overshadowed a number of large
acquisitions. [.N]

* World stocks weakened as speculation that Portugal may be the next
euro zone member forced to seek a bailout pushed the euro to a four-month
low versus the dollar. [MKTS/GLOB] [FRX/]

* Gold held near $1,370 an ounce amid euro zone debt jitters. [GOL/]

* Copper fell 1 percent as investors worried about sovereign debt in
Europe and a rising dollar made metals costlier for non-U.S. investors.
[MET/L]

UPCOMING DATA/EVENTS

* Conference Board releases U.S. employment trend index for December.
10 a.m. EST (1500 GMT) In the previous report, the index read 99.0.

* American Petroleum Institute oil inventory data at 4:30 p.m. EST
(2130 GMT) on Tuesday.
8:52 LAST NET PCT LOW HIGH CURRENT DAY AGO

CHNG CHNG VOL VOL
CLc1 88.97 0.94 1.1% 88.13 89.98 75,505 440,456
CLc2 90.13 0.90 1.0% 89.28 90.90 37,021 216,028
LCOc1 94.37 1.01 1.1% 93.60 94.70 39,039 165,974
RBc1 2.4305 0.0174 0.8% 2.4126 2.4500 2,327 50,113
RBc2 2.4350 0.0167 0.7% 2.4175 2.4515 2,649 34,443
HOc1 2.5110 0.0247 1.0% 2.4930 2.5328 3,625 60,724
HOc2 2.5143 0.0237 1.0% 2.4972 2.5234 1,286 28,039
* NYMEX crude oil for February (CLc1: ) rose 94 cents to $88.97 a barrel by
8:52 a.m. in volume of 75,517 lots.
(Reporting by Robert Gibbons; Editing by John Picinich)