* Dollar, yen hold strength amid weak risk appetite
* Oil on track for 1.7 pct weekly gain, but still range
bound
* OPEC exports to rise in 4 weeks to Dec 5-analyst
(Updates prices)
By Fayen Wong
PERTH, Nov 20 (Reuters) - Oil prices steadied below $78 a
barrel on Friday, looking for fresh direction after a strong
U.S. dollar and weak stock markets triggered a 2 percent fall
the previous day.
Asian shares fell on Friday, tracking an overnight drop in
U.S. stock markets prompted by disappointing economic
indicators and a brokerage's downgrade of U.S. technology
stocks.
"The market is directionless at the moment. Prices have
been moving sideways between the $75-$82 range for the past
month and we'll need a lot more positive news for prices to
break out of the $82 level -- which I think is unlikely to
happen," said Tony Nunan, an analyst at Mitsubishi Corp in
Tokyo.
"The economic outlook in the U.S. is still very uncertain.
We've probably seen the bottom but there are still a lot of
storm clouds on the horizon."
U.S. crude for December delivery rose 29 cents to $77.75 a
barrel by 0706 GMT, putting it on track for a 1.7 percent gain
this week. London Brent crude gained 29 cents to $77.93.
Crude prices have swung with the dollar this week, jumping
over $3 on Monday and then shedding over $2 on Thursday.
The dollar and yen kept their broad strength on Friday as
investors continued to sell higher-yielding currencies and took
profits from gains made in the past few months in risky assets.
[]
The dollar has been shifting on changing perceptions of the
U.S. economy.
The latest data came from the Conference Board's index of
U.S. leading economic indicators <USLEAD=ECI> -- a gauge of the
U.S. economy's prospects -- which rose to its highest since
September 2007, but fell short of Wall Street's expectations.
Fresh data showing a record one in seven U.S. mortgages
were in foreclosure or at least one payment was past due in the
third quarter also added to investors' worry that the housing
market's recovery will be tepid at best. []
Asia is leading the global economy out of the deepest
downturn in decades but the recovery will be marred by high
unemployment and huge government debt across the industrialised
countries, the OECD said on Thursday. []
Many analysts have cautioned that the high jobless rate in
the United States and Europe will keep global petroleum demand
at anaemic levels for some time to come.
"While the past few months have seen a gradual turnaround
in global oil demand data and oil demand expectations, there
are still significant areas of weakness and dislocations,"
Barclays Capital said in a report.
On the supply side, OPEC seaborne oil exports, excluding
Angola and Ecuador, will rise by 50,000 barrels per day in the
four weeks to Dec. 5, UK consultancy Oil Movements, which
tracks future shipments, said on Thursday. []
Nigeria's oil minister said on Thursday OPEC could decide
to raise oil output marginally at its December meeting if there
were to be a substantial rise in oil demand and prices,
differing from most members of the cartel who did not expect a
change. []
(Reporting by Fayen Wong; Editing by Himani Sarkar)
