NYMEX-Crude rises on expected Fed monetary easing

* API report shows steep stock drop, helps lift oil

* Coming up: U.S. EIA oil data at 10:30 a.m. EDT

* Coming up: Fed statement at 2:15 p.m. EDT

NEW YORK, Nov 3 (BestGrowthStock) – U.S. crude oil futures hit a
six-month peak intraday on Wednesday on anticipation that the
Federal Reserve will announce new monetary easing later and
after industry data showed crude stocks fell last week.

Late on Tuesday, the American Petroleum Institute industry
group said U.S. crude stocks dropped unexpectedly, by 4.1
million barrels. [API/S] Gasoline and distillate stockpiles
also fell much more than the consensus forecast.

Ahead of the data, a Reuters analyst survey had yielded a
forecast for crude stocks to be up 1.2 million barrels, with
distillate stocks down 1.1 million barrels and gasoline
stockpiles little changed, down 100,000 barrels. [EIA/S]

The U.S. Energy Information Administration’s inventory
report is due at 10:30 a.m. EDT (1430 GMT) on Wednesday.

FUNDAMENTALS

* On the New York Mercantile Exchange, December crude
(CLZ0: ) rose 88 cents, or 1.1 percent, to $84.78 a barrel by
8:35 a.m. EDT (1235 GMT), trading from $84.04 to $85.04.

* U.S. private employers added 43,000 jobs in October
compared to a revised loss of 2,000 jobs in September, a report
by payrolls processor ADP Employer Services showed. The
September loss was originally reported as 39,000.
[ID:nEAP103300]

* China’s fourth-largest oil company, Sinochem, will raise
crude oil imports from Colombia through 2013, when the company
expects to take between 1 million and 2 million barrels of
crude per month, or as much as 67,000 barrels per day, a
trading source familiar with the plans said. [ID:nSGE6A2099]

* Norway’s Statoil (STL.OL: ) slashed its 2010 oil and gas
production target on Wednesday, after heavy maintenance in the
third quarter weakened earnings and cast doubt on its plans to
boost output by up to 14 percent by 2012. [ID:nLDE6A209Z]

* Nigeria reiterated its call for a higher OPEC output
quota, days after Angola did the same, as it claims substantial
increases in production. [ID:nSGE6A208F]

* Exxon Mobil Corp (XOM.N: ) said output from the Fluidic
Catalytic Cracking Unit No. 2 at its Baytown, Texas refinery
returned to normal by Tuesday afternoon. [ID:nWEN2380]

MARKETS NEWS

* World stocks hit a two-year high while emerging equities
rose to their highest since mid-2008 as investors anticipated
more U.S. monetary easing would support the global economy.
[MKTS/GLOB]

* The dollar briefly turned positive versus the euro
following the ADP jobs report. The greenback had edged lower
earlier as the Fed looked set to add more stimulus to spur a
flagging recovery, a move analysts said would weigh on U.S.
yields and ultimately put more pressure on the dollar. [USD/]

* U.S. stock index futures edged higher after Republicans
won control of the U.S. House and strengthened their ranks in
the Senate and ahead of the expected Fed announcement on
monetary easing. [.N]

* Gold held firm near $1,360 an ounce in Europe, supported
by a softer dollar, as traders remained nervous about adding to
positions ahead of the Fed announcement. [GOL/]

UPCOMING DATA/EVENTS

* ISM services PMI for October at 10:00 a.m. EDT (1400
GMT)

* U.S. Commerce Department factory orders for September at
10:00 a.m. EDT (1400 GMT)

* The U.S. Energy Information Administration’s oil
inventory report at 10:30 a.m. EDT (1430 GMT).

* Statement from Federal Reserve policy meeting, at 2:15
p.m. EDT (1815 GMT)
8:35 LAST NET PCT LOW HIGH CURRENT DAY AGO

CHNG CHNG VOL VOL
CLc1 84.78 0.88 1.1% 84.04 85.04 38,130 358,535
CLc2 85.42 0.88 1.0% 84.67 85.68 12,376 95,265
LCOc1 86.35 0.95 1.1% 85.46 86.63 63,127 176,791
RBc1 2.1281 0.0185 0.9% 2.1119 2.1335 1,814 60,520
RBc2 2.1374 0.0171 0.8% 2.1216 2.1439 984 25,055
HOc1 2.3206 0.0270 1.2% 2.2991 2.3252 3,139 48,301
HOc2 2.3445 0.0269 1.2% 2.3217 2.3478 555 10,924
* NYMEX crude oil for December (CLc1: ) rose 88 cents to $84.78
a barrel by 8:35 a.m. on volume of 38,130 lots.
(Reporting by Robert Gibbons; Editing by Dale Hudson)

NYMEX-Crude rises on expected Fed monetary easing