* U.S. initial jobless claims data weigh on oil
* U.S., China manufacturing data weigh on oil, equities
* Coming up: U.S. June nonfarm payrolls on Friday
NEW YORK, July 1 (Reuters) - U.S. crude futures ended at a
three-week low on Thursday, extending losses for four
consecutive days, as weak economic data from China and the
United States added to worries over the global economic
recovery and oil demand.
Front-month crude's loss for the day was the biggest single
day percentage drop in almost a month and came after prices on
Wednesday posted the first quarterly loss since the tumultuous
fourth quarter of 2008.
Growth in U.S. manufacturing activity in June slowed to its
lowest level since December 2009, while an official survey
showed the pace of Chinese manufacturing activity last month
was the weakest since February. []
The latest data is part of an emerging picture of slower
global manufacturing growth, which also showed manufacturing in
the euro zone slowed in June to its weakest growth rate in four
months. []
U.S. contracts for pending sales of previously owned homes
plunged a record 30 percent in May, far more than expected,
after a popular tax credit expired.
New claims for U.S. jobless benefits rose unexpectedly in
the last week, a day ahead of the key June employment report
which is expected to show the first decline this year,
according to a Reuters poll.
For a report on U.S. economic data, see []
"This week's sharp decline accelerated today on continued
fund liquidation related to oil demand concerns that were
heightened by disappointing manufacturing, jobs and housing
data," said Jim Ritterbusch, president of Ritterbusch &
Associates in Galena, Illinois.
Wall Street slipped on the U.S. economic data, but late in
the day, shares were well off session lows on some bargain
hunting. Major indexes fell for a fourth straight day after
suffering their worst quarter since late 2008. []
The dollar fell to a seven-month low against the yen and
tumbled versus the euro after the worse-than-expected data
heightened fears the economic recovery is stalling. []
Markets await Friday's report on June nonfarm payrolls,
which are expected to have fallen 110,000, according to a
Reuters survey. It is expected to reflect the layoffs among
temporary census jobs added in May. Employment increased
431,000 in May. []
Companies started on Thursday to restart some of the
421,350 barrels per day of oil output, about a quarter of Gulf
of Mexico output, shut as a precaution. []
Pilots resumed moving outbound ships at Houston at midday
Thursday after weather improved after Hurricane Alex hit land
in northeastern Mexico, the Coast Guard said. []
PRICES
* On the New York Mercantile Exchange, August crude <CLQ0>
settled down $2.68, or 3.54 percent, at $72.95, the lowest
settlement since June 8's $71.99. It traded from $72.05, lowest
intraday since June 8's intraday low of $70.75, to $75.40.
* The day's percentage loss was the biggest since prices
fell 4.16 percent of June 4.
* In London on the Intercontinental Exchange, August Brent
crude <LCOQ0> ended down for the fourth straight session,
falling $2.67, or 3.56 percent, at $72.34 a barrel, trading
from $71.50 to $74.65.
* NYMEX August RBOB <RBQ0> settled down 6.28 cents, or 3.05
percent, at $1.9976 a gallon, trading from $1.9712 to $2.0612.
RBOB has fallen four straight sessions.
* NYMEX August heating oil <HOQ0> ended 7.58 cents lower,
or 3.76 percent, at $1.9385 a gallon, trading from $1.9219 to
$2.0142. Heating oil fell or the fourth day in a row.
* The August/August heating oil crack spread <0#CL-HO=R>
narrowed to $8.47, from $8.97 on Wednesday. The August/August
RBOB crack spread <0#RB-CL=R> widened slightly to $10.95, from
$10.91 on Wednesday.
* The spread between the current front month and the
five-year forward crude contract <CLc61> widened to $10.42 from
$9.03 on Wednesday. The August 2015 contract settled Thursday
at $83.37, down $1.29, or 1.52 percent.
MARKET NEWS
* The Obama administration expects to announce a revised
deep-water offshore oil drilling moratorium in the next few
days, the White House said on Thursday. []
(Reporting by Gene Ramos and Robert Gibbons; Editing by Sofina
Mirza-Reid) ((gene.ramos@thomsonreuters.com; +1 646 223 6054;
Reuters Messaging: gene.ramos.reuters.com@reuters.net))
