* Euro at 14-month low versus dollar, helps pressure oil
* API data showed crude stocks up more than expected
* Coming up: EIA inventory data at 10:30 a.m. EDT
NEW YORK, May 5 (Reuters) - U.S. crude futures fell sharply
on Wednesday, dropping below $80 a barrel as the euro weakened
and ongoing concerns that the Greece debt crisis might spread
to other euro zone countries kept investors risk adverse.
Rising U.S. inventories and demand concerns also weighed on
the market after an industry group's weekly report on Tuesday
showed crude supplies rose much more than expected.
"Crude and products futures continued to slide on heavy
overnight volume as the dollar made further gains against the
euro," said Addison Armstrong, analyst at Tradition Energy.
The euro extended losses, falling to a 14-month low against
the dollar as fear that European debt problems might spread
pressured the currency and triggered automatic sell orders
beneath $1.29 to levels not seen since mid-March 2009. []
Crude fell back below $80 as oil markets awaited the weekly
inventory report from the U.S. Energy Information
Administration at 10:30 a.m. EDT (1430 GMT) on Wednesday.
Tuesday's report from industry group American Petroleum
Institute showed crude supplies rose 3 million barrels in the
week to April 30. Gasoline stocks were up 1.5 million barrels
and distillates up 1.4 million barrels, according to the API
report. []
A Reuters survey of analysts yielded a forecast for crude
inventories to be up 1.1 million barrels last week. Distillate
stocks were seen up 1.7 million barrels and gasoline stockpiles
up 200,000 barrels. []
PRICES
* On the New York Mercantile Exchange at 10 a.m. EDT (1400
GMT), June crude <CLM0> was down $2.85, or 3.44 percent, at
$79.89 a barrel, trading from $79.15 to $82.83.
* Crude fell below $80 for the first time since March 26.
The $79.15 low was weakest since $78.57 was struck March 22.
* In London on the Intercontinental Exchange, June Brent
crude <LCOM0> fell $2.64, or 3.08 percent to $83.03 a barrel,
trading from $82.13 to $85.95. The premium of Brent to NYMEX
crude remained around $3 a barrel.
* NYMEX June RBOB <RBM0> fell 8.07 cents, or 3.48 percent,
to $2.2415 a gallon, trading from $2.2178 to $2.3240.
* NYMEX June heating oil <HOM0> fell 7.20 cents, or 3.19
percent, to $2.1875 a gallon, trading from $2.1710 to $2.2637.
* The June/June heating oil crack spread <0#CL-HO=R> was at
$11 a barrel. The spread ended Tuesday at $12.16. The June/June
RBOB crack spread <0#RB-CL=R> was at $14.03 a barrel. It ended
Tuesday at $14.79.
* The spread between the current front month and the
five-year forward crude contract <CLc61> was at $15.54, based
on the June 2015 contract Tuesday settlement at $95.43. The
spread ended Tuesday at $12.69.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $84.12/$84.16
Technical support/resistance:
NYMEX crude: $80.40/$87.10
NYMEX heating oil: $2.1725/$2.3165
NYMEX RBOB: $2.30/$2.3890
For a full report on technicals, click on []
MARKET NEWS
* U.S. stocks slid at the open on Wednesday as continued
jitters about Greece's sovereign debt crisis and its potential
to spread overshadowed data showing jobs growth in the U.S.
private sector. []
* Somali pirates hijacked a Russian-owned crude oil tanker
bound for China off the coast of Yemen. []
* Iran's President Mahmoud Ahmadinejad said on Wednesday
his country would "definitely continue" its nuclear program
despite Israeli threats of military action. []
* Venezuela's Vice Minister for Foreign Affairs Temir
Porras Ponceleon said Venezuela is currently supplying 150,000
barrels per day of crude oil to India. []
(Reporting by Robert Gibbons; Editing by Lisa Shumaker)
