NYMEX crude falls below $68 after seven-month high

                                
 SINGAPORE, June 8 (Reuters) - U.S. crude futures opened
lower on Monday to fall below $68, retreating from a
seven-month high over $70 hit late last week.
                                
 Prices had settled lower on Friday as traders took profits
and on misgivings about the latest U.S. government jobs
reports.
                                
 U.S. employers cut 345,000 jobs in May, the fewest since
September and far less than forecast, according to the Labor
Department. However, the unemployment rate rose to 9.4 percent,
the highest since a matching rate in July 1983, from 8.9
percent in April, the department said. [ID:nN04486858]
                                
 PRICES
                                
 * NYMEX crude for July delivery <CLc1> fell 59 cents a
barrel to $67.85 in Globex electronic trading by 2301 GMT.
                                
 * The July contract <CLN9> settled down 37 cents, or 0.54
percent, at $68.44 a barrel on Friday after trading from $67.54
to $70.32, the highest front-month intraday price since $70.46
was struck on Nov. 5.
                                
  * In London, July Brent crude <LCON9> ended down 37 cents,
or 0.54 percent, at $68.34 a barrel, trading from $67.35 to
$69.91, the highest intraday price since Oct. 21's $73.29.
                                
 US DOLLAR
                                
 * The dollar on Friday posted its largest one-day gain
against a basket of currencies in more than five months after
data showed the United States shed fewer jobs than expected in
May, boosting hopes for an economic recovery. [USD/}

                                
 OPEC
                                
 * Oil prices will remain at between $65 and $70 a barrel
until the end of 2009 before rising further next year, Algerian
Energy and Mines Minister Ckakib Khelil said on Saturday.
[ID:nAHM640152]
                                
 OPTIONS, CFTC COMMITMENTS
                                
 * As front-month crude futures reached a 2009 peak above
$70 a barrel, open interest positions increased from the
previous week at the $75 and $85 July call options, according
to Reuters data on Friday.
                                
 * Crude oil speculators on the New York Mercantile Exchange
cut their net long positions slightly in the week to June 2,
according to data from the U.S. Commodity Futures Trading
Commission released on Friday. [ID:nN05298566]
                                
 To read the previous day's closing report click on [O/R]
                                
 To read the previous technical report click on     [O/I]
                                
 Diary of upcoming energy news and events       [O/DIARY]
                                
  Oil prices as of 2301 GMT    Contract Mnth    Price 
Change  Day ago     pct     MA-20* NYMEX Contracts US Crude
JUL9   $67.85   -0.59   -$0.37  -0.54%     $62.51 Heat Oil JUL9
  176.00   -1.01    -1.39  -0.78%     158.59 RBOB     JUL9  
194.23   -1.23    -0.75  -0.38%     182.10 Natgas   JUL9  
$3.856  -0.012  +$0.058  +1.52%     $3.980 ICE Contracts       
                                
                                 Brent    JUL9   $67.78  
-0.56   -$0.37  -0.54%     $61.85 Gasoil   JUN9       --  
+0.00   -$5.00  -0.90%    $498.29 Note: U.S. heating oil and
RBOB gasoline contracts listed in cents per gallon.
                                
(Reporting by Maryelle Demongeot; Editing by Valerie Lee)