UPDATE 6-Oil hits 11-wk low as dollar gains on euro worries

                                
 * U.S. April nonfarm jobs gain the largest since March '06
                                
 * G7, European leaders meet to try to end Greek crisis
                                
 * Oil's losses reach more than 13 pct in four days
                                
 * Coming up: Arab oil ministers meet in Doha May 9-12
                                
 (Updates market activity, prices, adds analyst's quote,
changes dateline previous LONDON)
                                
 By Gene Ramos
                                
 NEW YORK, May 7 (Reuters) - Oil fell for the fourth day in
a row on Friday, dropping more than 2 percent, as Wall Street
fell in volatile trade and the dollar rose on safe haven bets.
                                
 Worries about euro zone sovereign debt continued to roil
the financial and commodities markets, overshadowing
better-than-expected U.S. jobs data for April.
                                
 U.S. crude oil futures <CLc1> were down $1.96, or 2.54
percent, at $75.15 a barrel by 10:45 a.m. EDT (1445 GMT),
having risen as high as $78.19 earlier.
                                
 The day's low extended to $74.51, lowest since Feb. 16 and
losses in four sessions have reached nearly $12, or 13.6
percent.
                                
 London Brent crude <LCOc1> fell 72 cents to $79.11 a
barrel.
                                
 "After yesterday's wild ride across markets, there isn't a
good feel on how to react today. But generally, oil prices have
been backing away from the 19-month high above $87," said Gene
McGillian, analyst at Tradition Energy, in Stamford,
Connecticut.
                                
 The euro gave up gains against the dollar as fears
persisted that Greece's debt crisis could spread to other euro
zone countries. [USD/]
                                
 Oil turned negative earlier after U.S. April jobs data,
showed that nonfarm payrolls grew at the fastest pace in four
years, although the overall jobless rate remained at a high 9.9
percent, compared with 9.7 percent in March. [ID:nN06115059]
                                
 "The U.S. nonfarms payroll were somewhat positive but the
jobless rate up to 9.9 percent perhaps turned us back down,"
said Tom Bentz, a broker with BNP Paribas Commodity Futures in
New York. "The dollar strengthened and we came off."
                                
 GREEK CRISIS
                                
 Oil prices have lost further ground from a 19-month high
hit on Monday, following a plunge in global markets due mainly
to concern over the Greek debt crisis.
                                
 "All markets are down this week on concerns over Greece and
Europe. If the whole of the euro zone goes into trouble, it may
somehow offset potential growth in the United States and Asia,
which will be negative input to oil prices," Oliver Jakob with
Petromatrix said.
                                
 Euro zone leaders will meet later in the day in a special
summit, while Germany's parliament is to vote on the 110
billion euro ($140 billion) bailout later in the day.
[ID:nSGE64608F]
                                
 Global equity markets have also fallen this week, while
market volatility index <.VIX> and gold have risen. [.N][.EU]
                                
 Losses on Wall Street accelerated, with major indexes
falling more than 2 percent, a day after a historic intraday
plunge on worries about the Greece's debt crisis could spread.
< ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
                                
 For interactive 2010 commodities price performance, click
on
                                
 http://graphics.thomsonreuters.com/10/CMD_PRFG0510.html
                                
 For U.S. payrolls, click
                                
 http://graphics.thomsonreuters.com/10/US_NFPRUE0510.gif
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 Analysts say actual oil demand so far has not recovered
from last year's fall strongly enough to drive prices higher.
                                
 At the same time, midweek U.S. government data showed crude
and gasoline stocks in the world's largest energy consumer rose
more than expected last week.
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 For graphics for refinery utilisation rates in the United
States and Europe, click on
                                
 http://graphics.thomsonreuters.com/10/OIL_RFNUE0510.gif
                                
 For a chart of oil's correlation with risk aversion, see:
  http://graphics.thomsonreuters.com/gfx/NT_20100705110504.jpg
                                
 For a technical chart, see:
http://graphics.thomsonreuters.com/gfx/WT_20100705085001.jpg
  For graphic on oil-dollar correlation, click on:
  http://graphics.thomsonreuters.com/gfx/RSW_20100705104744.jpg
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 (Additional reporting by Robert Gibbons in New York; Ikuko
Kurahone in London; Florence Tan in Singapore and Janet McGurty
in Toronto; editing by Marguerita Choy)