NYMEX-Crude up as dollar slips, inventories eyed

* Dollar weaker after recent rally, supports oil

* NYMEX Nov crude contract expiration on Wednesday

* Coming up: EIA inventory data, 10:30 a.m. EDT Wednesday

NEW YORK, Oct 20 (BestGrowthStock) – U.S. crude oil futures prices rose on
Wednesday on a weaker dollar and as equities markets bounced a day after
share and commodities prices were pressured after China raised interest
rates to cool inflation in its booming economy.

Oil investors awaited oil inventory data from the U.S. Energy
Information Administration on the day the NYMEX November crude contract

Investors got a snapshot of U.S. inventories when the industry group
the American Petroleum Institute released data late Tuesday showing crude
stocks rose 2.3 million barrels last week. [ID:nEAP104J00]

The API report showed gasoline stocks fell only 83,000 barrels and
distillate inventories fell only 854,000 barrels, both less than analyst

Ahead of the report, a Reuters analyst survey yielded a forecast for
crude stocks to be up 1.9 million barrels, with gasoline stocks expected to
be down 1.3 million barrels and distillates down 800,000 barrels. [EIA/S]


* On the New York Mercantile Exchange, November crude (CLX0: ) rose 71
cents, or 0.9 percent, to $80.20 a barrel at 8:22 a.m. EDT (1222 GMT),
trading from $79.35 to $80.63.

* The NYMEX November crude oil contract expires on Wednesday.

* A low-pressure system in the northwestern Caribbean Sea still had a
70 percent chance of strengthening into a tropical depression over the next
day or two, the U.S. National Hurricane Center said on Wednesday. Computer
weather models were mixed on the system’s track, but none forecast it would
threaten energy operations in the northern Gulf of Mexico, at least not
over the next five days or so. [ID:nN20112628]

* Workers at French oil port Fos-Lavera near Marseille blocked 51 oil
tankers on their 24th day of strike action, the port said on Wednesday.

* Crude imports by South Korea, the world’s fifth-largest crude buyer,
rose 10 percent in September from a year earlier, state-run Korea National
Oil Corp said. [ID:nTOE69J05G]

* China will raise retail fuel prices effective Thursday, a source
said, in its first increase since April, to track higher international
crude prices. [ID:nTOE69J068]


* The dollar fell against a basket of currencies for the first time in
four sessions on Wednesday, as appetite for higher-yielding currencies
stabilised after being jolted by a surprise interest rate hike by China.

* U.S. stock index futures rose as dissipating fears about the effect
of an interest rate increase in China weighed on the U.S. dollar and lifted
global equities. [.N]

* World stock and financial markets recovered some of the composure
lost after China’s surprise interest rate hike. [MKTS/GLOB]


* No major U.S. economic data due.

* U.S. Energy Information Administration reports weekly domestic crude
oil and petroleum product inventories at 10:30 a.m. EDT (1430 GMT).

CLc1 80.20 0.71 0.9% 79.35 80.63 4,570 225,081
CLc2 80.84 0.68 0.9% 79.90 81.28 46,293 284,111
LCOc1 82.06 0.96 1.2% 80.75 82.36 57,170 245,994
RBc1 2.0610 0.0127 0.6% 2.0368 2.0700 1,544 32,287
RBc2 2.0468 0.0141 0.7% 2.0207 2.0560 2,454 28,848
HOc1 2.2082 0.0189 0.9% 2.1887 2.217 2,012 38,766
HOc2 2.2291 0.0194 0.9% 2.2082 2.2372 3,200 27,582
* NYMEX crude oil for November (CLc1: ) rose 71 cents to $80.20 a barrel by
8:22 a.m. in volume of 4,570 lots.
(Reporting by Robert Gibbons; Editing by John Picinich)

NYMEX-Crude up as dollar slips, inventories eyed