* OPEC could hike output with extended $100 run-source
* Jobless claims report disappoint, other data mixed
* Coming up: Consumer prices data, sentiment on Friday
(Updates with settlement prices, market activity)
By Gene Ramos
NEW YORK, Jan 13 (Reuters) - Oil slipped on Thursday as
markets weighed disappointing U.S. jobless claims data and the
prospect OPEC would raise output should prices break above $100
a barrel for an extended period.
A delegate from a Gulf OPEC member state said OPEC will
only hold an emergency meeting if oil bursts into triple digits
and stays there, although the group's Gulf members could
informally add supply if needed. []
Brent crude rallied to near $99 a barrel earlier this week,
raising concerns it could break past $100, driving up fuel
costs and threatening the fragile economic recovery.
U.S. weekly initial unemployment benefit claims showed
their biggest increase in six months, suggesting that, even
with recent signs of economic improvement, the labor market
paints a gloomy picture for demand. []
The data helped drag down stock markets, even as Federal
Reserve Chairman Ben Bernanke said he was hopeful about the
recent improvement in the outlook, saying he now expects the
economy to expand between 3 percent and 4 percent this year.
In London, ICE Brent crude for February <LCOc1> settled
down 6 cents at $98.06 a barrel, off the day's high at $98.67.
U.S. February crude <CLc1> ended down 46 cents at $91.40,
falling as Wall Street weakened on the jobs report, after
hitting a session high of $92.37.
Brent's premium over U.S. crude remained wide, closing at
$6.66, up from $6.36 on Wednesday. The premium had pushed above
$7 on Tuesday, the widest since February 2009, amid concerns
about supplies of crude tied to Brent, the benchmark for
European, Middle East, and African crudes.
Trading was volatile, after settlements hit 27-month highs
on both sides of the Atlantic on Wednesday, ahead of the expiry
of February Brent expiring and the release of a plethora of
U.S. economic indicators scheduled on Friday.
"The (energy) complex succumbed to some weakness in
equities today and a related unfavorable jobless figure while
shrugging off the support of another strong pop in the euro,"
said Jim Ritterbusch, president at Ritterbusch & Associates, in
Galena, Illinois.
EYES ON OPEC
A delegate from a Gulf OPEC member state said OPEC will
only hold an emergency meeting if oil climbs above $100 and
stays there, although the group's Gulf members could informally
add supply if needed.
"OPEC will only have an extraordinary meeting if oil prices
exceed $100 and stay there. We don't want the market to panic,"
the delegate told Reuters.
The prospect of oil breaking $100 a barrel, last touched in
October 2008 after Lehman Brothers collapsed, has raised alarm
bells about the impact of fuel costs on the economic recovery.
Top exporter Saudi Arabia has said it favors an oil price
between $70 to $80 a barrel, but Libya's top oil official on
Thursday said oil prices at $100 a barrel would not harm the
world economy and there is no need for OPEC to hold an
emergency meeting or add supplies. []
ECONOMIC DATA
Economic reports showed the U.S. trade gap narrowed in
November and producer prices rose more than expected in
December.
U.S. Federal Reserve Chairman Ben Bernanke said the
nation's economy should grow around 3 percent to 4 percent this
year, a healthier clip than 2010, but not enough to bring down
unemployment as much as policymakers would like.
[]
Supply concerns from earlier in the week eased as Alaskan
oil production began to rise as the state's crude pipeline
resumed oil flows at 400,000 bpd, about two-thirds normal
levels, after it was shut due to a leak on Saturday.
[]
The line will shut again for 36 hours over the weekend so a
bypass can be constructed to allow flows to increase to normal
levels.
(Additional reporting by Robert Gibbons in New York; Claire
Milhence, Dmitry Zhdannikov and Alex Lawler in London; editing
by Marguerita Choy and Lisa Shumaker)
