TOKYO, Nov 22 (Reuters) - U.S. crude futures rose above $82 a
barrel on Monday, helped by a weaker dollar against the euro
after the EU and IMF agreed to help bail out Ireland with loans
to tackle the country's banking and budget crisis.
FUNDAMENTALS
* NYMEX crude for new front-month January delivery <CLc1> was
up 37 cents at $82.35 a barrel by 2358 GMT. The December contract
expired on Friday, settling down 34 cents at $81.51, after China
increased bank reserve requirements to fight inflation.
Oil still remains well below a 25-month high of $88.63 hit on
Nov. 11, but recovered after marking a four-week low of $80.06 on
Wednesday amid concerns about the euro zone's fiscal health.
* Ireland, facing widespread public anger over its handling
of the crisis, formally requested the aid on Sunday evening.
The size of the rescue by European authorities and the
International Monetary Fund has yet to be negotiated but is
likely to be smaller than Greece's 110 billion euro ($150
billion) bailout last May. []
* Iraqi officials proposed a 2011 budget based on a
$73-per-barrel oil price and exports of 2.3 million barrels a
day, an oil ministry spokesman said on Sunday. []
* Late on Friday, the U.S. government reported that money
managers cut net long crude oil positions on the NYMEX in the
week to Nov. 16, from record high levels the previous period.
Money managers slightly reduced their net long positions in
heating oil while raising them for gasoline, according to the
report from the U.S. Commodity Futures Trading Commission.
MARKETS NEWS
* Japan's Nikkei average, which opened up 1.11 percent, is
expected to test a fresh five-month high on Monday helped by the
yen's recent slip against the dollar, although some profit-taking
is seen likely to emerge after its 8.9 percent rally this month.
The Standard & Poor's 500 Index <.SPX> edged up 3.04 points
on Friday, or 0.25 percent, at 1,199.73.
* The euro rose broadly on Monday after Ireland sought
bailout funds, helping remove a major stumbling block that had
plagued the single currency for weeks. []
DATA/EVENTS
* The following data is expected on Monday: (Times in GMT)
- 1300 U.S. Chicago Fed index Oct <USCFNA=ECI>
- 1615 EZ ECB President Trichet speaks at EU parliament
- 2000 USDA Cold Pork Belly Stocks Oct <USPBS=ECI>
- China Final commodity trade data Oct
- 2000 USDA Cold Storage-Beef Stocks Oct <USBS=ECI>
- 2000 USDA Cold Storage- FCOJ Stock Oct <USFCOJ=ECI>
- 2000 USDA Crop Progress Report Wkly []
RELATED NEWS
> Saudi king to seek medical treatment in U.S. []
> Al Qaeda eyes small US attacks at 'bargain' prices []
> Iran again delays phasing out fuel subsidy-agency []
PRICES
Oil prices as of 2358 GMT
Contract Mnth Price Change Day ago pct MA-20*
NYMEX Contracts
US Crude JAN1 $82.35 +0.37 -$0.44 -0.53% $84.04
Heat Oil DEC0 228.00 +0.56 -2.07 -0.90% 232.01
RBOB DEC0 219.90 +0.30 -3.23 -1.45% 215.84
Natgas DEC0 $4.181 +0.017 +$0.157 +3.92% $3.858
ICE Contracts
Brent JAN1 $84.68 +0.34 -$0.71 -0.83% $85.73
Gasoil DEC0 $709.00 +3.50 -$10.00 -1.40% $724.01
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 Joseph Radford)
