TOKYO, April 11(Reuters) - U.S. crude futures rose above
$113 a barrel on Monday, their highest level since September
2008, as a weak dollar continued to support a recent rally in
commodities.
Oil also drew extra support from fears that the war in Libya
was starting to inflict lasting damage on the oil sector.
FUNDAMENTALS
* NYMEX crude for May delivery <CLc1> was up 47 cents at
$113.26 a barrel by 2342 GMT, after rising as high as $113.46
earlier, the highest since $130.00 hit on Sept. 22, 2008. On
Friday, the contract settled up $2.49 at $112.79.
* In London, ICE Brent crude for May delivery was
trading at $126.95, up 30 cents, after touching $127.02 earlier,
the highest since $127.94 hit on Aug. 1, 2008.
* Top oil exporter Saudi Arabia would have "no problems"
producing at its claimed 12.5 million barrels per day (bpd)
capacity if the market needed the oil, a senior Gulf source told
Reuters on Sunday. []
* Top oil exporter Saudi Arabia is ready to supply Asia with
more oil thanks to unmatched spare output capacity that allows
it to counter any rise in demand or drop in supplies, Oil
Minister Ali al-Naimi said in remarks carried by the state news
agency on Saturday. []
* Gulf Arab countries have stepped up their push for Yemen's
President Ali Abdullah Saleh to hand over power, pressuring him
and opposition representatives to meet to negotiate an orderly
transition. []
* Venezuela still sees no need for an emergency OPEC meeting
in response to high oil prices and Western military intervention
in fellow member Libya, Energy Minister Rafael Ramirez said on
Saturday. []
* Iran sees the global oil market as over supplied, despite
prices that have been pushed up by upheaval in the Middle East,
its OPEC governor was quoted as saying in a newspaper on
Saturday. []
MARKETS NEWS
* U.S. stocks fell late on Friday as a spike in oil prices
revived worries that inflation would derail the recovery,
jolting a market that had been treading water ahead of corporate
earnings. []
DATA/EVENTS
* The following data is expected on Monday: (Times in GMT)
- 2350 - Japan Machinery orders/Feb
- 0645 - France Industrial output/Feb
- 0800 - Italy Industrial output/Feb
PRICES
Oil prices as of 2342 GMT
Contract Mnth Price Change | Day ago pct | MA-20*
NYMEX Contracts
US Crude MAY1 $113.26 +0.47 | +$2.49 +2.26% | $104.34
Heat Oil MAY1 331.92 -0.05 | +11.37 +3.55% | 307.59
RBOB MAY1 326.50 +0.43 | +7.42 +2.33% | 303.76
Natgas MAY1 $4.028 -0.013 | -$0.016 -0.39% | $4.192
ICE Contracts
Brent MAY1 $126.99 +0.34 | +$3.98 +3.24% | $116.76
Gasoil APR1 $1063.25 +10.25 | +$28.50 +2.78% | $990.01
Note: U.S. heating oil and RBOB gasoline contracts listed in
cents per gallon.
* = 20-day moving average for continuation month.
(Reporting by Osamu Tsukimor; Editing by Edwina Gibbs)
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