NYMEX-Crude up on weak dollar, API stocks drop

* Dollar weakens further, lifts oil

* OPEC seen keeping output steady

* Coming Up: EIA oil inventory data 11 a.m. EDT Thurs

NEW YORK, Oct 14 (BestGrowthStock) – U.S. crude oil futures prices rose on
Thursday, lifted by the weak dollar and after the large crude oil stockpile
drop reported by the industry the day before.

Late on Tuesday, industry group the American Petroleum Institute
reported crude oil stockpiles fell 4 million barrels in the week to Oct. 8.
[ID:nEAP104D00]

Gasoline stocks fell 1.9 million barrels and distillate stocks fell
only 254,000 barrels, according to the API.

Ahead of weekly inventory reports, a Reuters analyst survey yielded a
forecast for U.S. crude inventories to have risen 1.1 million barrels last
week. [EIA/S]

Distillate stocks, including heating oil and diesel, were expected to
have declined by 1.1 million barrels, with gasoline stockpiles declining
1.0 million barrels.

FUNDAMENTALS

* On the New York Mercantile Exchange, November crude (CLX0: ) rose 54
cents, or 0.7 percent, to $83.55 a barrel at 8:11 a.m. EDT (1230 GMT),
trading from $83.12 to $84.12.

* OPEC ministers meeting in Vienna on Thursday were “100 percent” in
agreement to keep output unchanged, a delegate told Reuters on Thursday.
[ID:nLDE69D10T]

* Nationwide strikes paralyzed France’s oil refining industry on
Thursday, with only one out of 12 plants operating normally and some petrol
stations reporting brief shortages due to panic buying. A strike at the key
Mediterranean oil port of Fos Lavera entered its 18th day on Thursday.
[ID:nLDE69D0FO]

MARKETS NEWS

* World stocks rose in the wake of Singapore unexpectedly tightening
its policy. The dollar fell broadly to a 10-month low. [MKTS/GLOB] [FRX/]

* Gold hit a record high of $1,387.10 an ounce in Europe as the dollar
slid to its lowest this year against a basket of currencies. [GOL/]

UPCOMING EVENTS/DATA

* U.S. Labor Department releases September Producer Price Index at 8:30
a.m. EDT (1230 GMT). Economists surveyed by Reuters forecast a 0.2 percent
rise following August’s gain of 0.4 percent.

* Labor reports first-time jobless claims for week ended Oct. 9 at 8:30
a.m. EDT (1230 GMT). Economists in a Reuters survey projected 445,000 new
filings, a repeat of the previous week’s figure.

* U.S. Commerce Department releases international trade data at 8:30
a.m. EDT (1230 GMT). Economists surveyed by Reuters predicted a deficit of
$44 billion after July’s shortfall of $42.78 billion.

* U.S. Energy Information Administration reports domestic crude oil and
petroleum product inventories for week to Oct. 8 at 11 a.m. EDT (1500
GMT).

* EIA reports U.S. natural gas inventories for week to Oct. 8 at 10:30
a.m. EDT (1430 GMT).Analysts surveyed by Reuters projected a rise of 87
billion cubic feet.
8:11 LAST NET PCT LOW HIGH CURRENT DAY AGO

CHNG CHNG VOL VOL
CLc1 83.55 0.54 0.7% 83.12 84.12 33,466 333,582
CLc2 84.26 0.52 0.6% 83.80 84.80 21,814 195,934
LCOc1 84.97 0.33 0.4% 84.60 85.46 16,056 107,293
RBc1 2.1714 0.0053 0.2% 2.1630 2.1850 1,574 51,190
RBc2 2.1494 0.0046 0.2% 2.1430 2.1650 1,674 43,459
HOc1 2.3122 0.0115 0.5% 2.3000 2.3226 2,021 52,098
HOc2 2.3292 0.0107 0.5% 2.3172 2.3397 964 31,011
(Reporting by Robert Gibbons; Editing by John Picinich)

NYMEX-Crude up on weak dollar, API stocks drop