* Dollar strength pressures U.S. crude
* May U.S. crude options, May Brent crude contract expire
* Chinese Q1 GDP jumps 11.9 percent
(Recasts, updates with settlement prices, market activity)
By Robert Gibbons
NEW YORK, April 15 (Reuters) - U.S. oil prices ended
slightly lower on Thursday as a stronger dollar and mixed U.S.
economic data outweighed robust data from China.
Front-month U.S. crude <CLc1> for May delivery fell 33
cents, or 0.38 percent, to settle at $85.51 a barrel. The
market had ended 2 percent higher the previous day, and rose
again in early trade after China posted strong strong growth in
the first quarter.
"We are looking at the data from China and this is very
supportive for the market," said Christophe Barret, oil analyst
at Credit Agricole Corporate and Investment Bank. "But I think
the growth was anticipated and was already in the prices."
In London, Brent crude futures ended up sharply as the
front-month May contract expired on Thursday, even as the
approaching expiration of May crude oil options helped keep
U.S. oil prices curbed, sources said.
ICE Brent crude for May rose $1.02 to settle at $87.17,
highest close since front-month Brent ended at $90.25 on Oct.
3, 2008. Brent's $87.58 intraday peak was the highest since
$87.99 was struck on Oct. 7, 2008.
Brent traded at a premium to U.S. benchmark West Texas
Intermediate crude a fourth consecutive day due partly to the
approaching contract expiration and traders also cited rising
stockpiles at the Cushing, Oklahoma, delivery point for WTI,
among other factors. []
At settlement on Thursday, the Brent futures premium to WTI
of $1.66 was the highest since mid-December.
A strike by Gabon's main oil union has cut about 60 percent
of the African nation's 250,000 barrels per day of crude
production, which competes with Brent. []
The euro fell against the dollar, snapping five straight
days of gains, on concern about how Greece will manage its
debt, helping offset the negative impact earlier of strong
Chinese data on the greenback. []
A stronger dollar can pressure oil as it raises
dollar-denominated commodity prices for buyers using other
currencies.
China posted unexpectedly strong annual growth of 11.9
percent in the first quarter, but the surging growth could
prompt a revaluation of the yuan, which may boost oil demand by
increasing China's buying power. []
An unexpected 24,000 jump in the number of U.S. workers
filing new jobless benefit claims tempered sentiment, but an
expansion in New York state manufacturing to a six-month high
kept optimism about the economy bolstered. []
Oil traders have been watching for signs of a turnaround in
the U.S. economy that could bolster oil demand, which was hard
hit by the recession.
SURPRISE DROP
Oil prices rose 2 percent on Wednesday, ending a five-day
losing streak after U.S. government data showed a surprise 2.2
million-barrel drop in U.S. crude stocks. But the report also
showed a larger-than-expected 1.1 million barrel rise in
distillate stocks, raising questions about the pace of the U.S.
exit from recession. []
On a technical basis, prices may be due for a small
correction on Thursday but upward momentum is expected to stay
intact. For a technical outlook for crude, see[]
OPEC has noted oil's jump to 18-month highs. Kuwait's oil
minister said Thursday that OPEC would make a decision on an
output boost if prices moved above $100. []
On Tuesday, OPEC delegates said a price above $90-$95 would
prompt the group to consider raising output. []
But Venezuela's oil minister said on Thursday that OPEC
will not increase output to bring down prices, as stocks are
high because demand is low and additional output would only end
up in storage. []
(Additional reporting by Gene Ramos in New York, Emma Farge
in London and Alejandro Barbajosa in Singapore; Editing by
David Gregorio)
