NYMEX-Crude rises from 5-month low as euro recovers

                                
 TOKYO, May 18 (Reuters) - U.S. crude futures gained on
Tuesday on buybacks as the euro rebounded, a day after hitting a
five-month low below $70 a barrel amid concerns about the
European economy.
                                
 FUNDAMENTALS
                                
 * NYMEX crude for June delivery <CLc1> was up 59 cents at
$70.67 a barrel by 2359 GMT, after settling down $1.53 at a
five-month low of $70.08 a day earlier.
                                
 On Monday, it fell as low as $69.27, the lowest since Dec.
14. The front-month contract has fallen $6.72 in the past five
sessions.
                                
 * June crude has fallen 20.5 percent from its 19-month high
$87.15 hit on May 3, which could indicate that crude prices may
be in for a short-term bounce, technical analysts said.
                                
 * High oil inventories, especially record stocks at the
delivery point in Cushing, Oklahoma, have kept NYMEX front-month
crude oil futures weaker compared with the next month's contract
<CL-1=R>.
                                
 * Ahead of weekly U.S petroleum inventory reports, a Reuters
poll forecast that crude stocks probably rose 700,000 barrels
last week, distillate stocks increased 1.0 million barrels and
gasoline supplies fell 1.1 million barrels. [EIA/S]
                                
 MARKETS NEWS
                                
 * U.S. stocks staged a late-day comeback on Monday, reversing
a 184-point drop, as the euro's rebound from a four-year low
temporarily offset fears that euro-zone austerity measures could
stifle global growth.
                                
 * The euro rallied from a four-year low against the dollar on
Monday, helped by a turnaround in stocks late in the session
which temporarily offset fears that euro zone austerity measures
could trigger a downturn in the region. [USD/]
                                
 DATA/EVENTS
                                
 * The following data is expected on Tuesday:
                                
 - 0500 GMT--Japan Consumer Confidence/Apr
                                
 - 0645 GMT--France Non-farm payrolls/Q1
                                
 - 0900 GMT--Germany ZEW Economic sentiment/May
                                
 - 0900 GMT--Euro Zone Eurostat trade/Mar
                                
 - 1145 GMT--US ICSC chain stores/wkly
                                
 - 1230 GMT--US Building permits/Apr
                                
 - 1230 GMT--US Producer prices/Apr
                                
 - 1255 GMT--US Redbook/wkly
                                
 - 2030 GMT--American Petroleum Institute oil report/wkly
                                
 RELATED NEWS
> Total reports flaring at Port Arthur refinery      [nWEN4828]
> U.S. gasoline price drops but not as fast as crude [nN17630533]
                                
 PRICES
 Oil prices as of 2359 GMT          
 Contract Mnth    Price  Change  Day ago     pct     MA-20*
 NYMEX Contracts
 US Crude JUN0   $70.67   +0.59   -$1.53  -2.14%     $80.16
 Heat Oil JUN0   199.96   +1.44    -7.54  -3.66%     218.34
 RBOB     JUN0   206.30   +1.99    -8.77  -4.12%     225.88
 Natgas   JUN0   $4.419  +0.021  +$0.086  +1.99%     $4.127
 ICE Contracts
 Brent    JUL0       --   +0.00   -$2.83  -3.63%     $83.30
 Gasoil   JUN0       --   +0.00  -$25.00  -3.78%    $697.50
 Note: U.S. heating oil and RBOB gasoline contracts listed in
cents per gallon.
 * = 20-day moving average for continuation month.
 (Reporting by Osamu Tsukimori; Editing by Chris Gallagher)