NYMEX-U.S. crude extends losses on rising inventories

                                
 SINGAPORE, May 5 (Reuters) - Oil prices fell towards $82 a
barrel on Wednesday, extending the steepest one-day percentage
loss in three months on Tuesday, on rising oil inventories and
a strong dollar.
                                
 FUNDAMENTALS
                                
 * NYMEX crude for June delivery fell 69 cents to $82.05 a
barrel by 0035 GMT.
                                
 The contract dropped $3.45, or 4 percent, to settle at
$82.74 a barrel on Tuesday.
                                
 In post-settlement trading on Tuesday, U.S. crude ended
electronic trading at $82.07, down $4.15 or 4.78 percent,
having dropped to $82.05.
                                
 For a technical view, click: [ID:nSGE64400K]
                                
 For a technical chart, see:
 http://graphics.thomsonreuters.com/gfx/WT_20100505084256.jpg
                                
 Tuesday's drop was the largest one-day percentage loss
since the 4.99 percent slide on Feb. 4, which had also been in
concert with a risk aversion tumble in equities, a slump in the
euro and a surprise rise in crude inventories.
                                
 * Industry group, the American Petroleum Institute,
reported on Tuesday that crude supplies rose 3 million barrels
in the week to April 30, with gasoline and distillate
stockpiles also rising more than expected. [API/S]
                                
 Ahead of the weekly oil inventory reports, expectations
were that they would show U.S. crude inventories rose 1.1
million barrels as a discount for prompt oil widened the
contango structure of the futures curve, a Reuters survey
showed. [EIA/S]
                                
 MARKETS NEWS
                                
 * The euro tumbled to a fresh one-year low against the
dollar on Tuesday amid fears that aid for Greece may not
prevent debt crises in other euro zone countries, prompting
investors to seek shelter in the U.S. currency. [FRX/]
                                
 * Investors dumped U.S. stocks on Tuesday in Wall Street's
worst session in three months on the fear that even with a
bailout for Greece, Europe's debt crisis could spread to other
weak euro zone countries. [.N]
                                
 * U.S. copper futures tumbled to a two-month low on
Tuesday, pressured by the soaring U.S. dollar and concern about
monetary tightening in top consumer China, while U.S. oil
pulled back from a 19-month high and gold dropped after hitting
a five-month top. [COM/WRAP]
                                
 DATA/EVENTS
                                
 * The following data is expected on Wednesday:
                                
 - U.S. Mortgage index weekly         (11:00 GMT)
                                
 - U.S. Refinancing index             (11:00 GMT)
                                
 - U.S. Challenger layoofs April      (11:30 GMT)
                                
 - U.S. ADP national employment April (12:15 GMT)
                                
 - U.S. ISM non-mfg index April       (14:00 GMT)
                                
 - U.S. EIA weekly crude stocks       (14:30 GMT)
                                
 - U.S. EIA weekly dist stocks        (14:30 GMT)
                                
 - U.S. EIA weekly gasoline stocks    (14:30 GMT)
                                
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 (Reporting by Judy Hua; Editing by Ed Lane)