PERTH, Nov 9 (Reuters) - Oil prices rose to $78 a barrel on
Monday, recouping some of the previous session's near 3 percent
losses, amid concerns that a powerful hurricane charging toward
the Gulf of Mexico would threaten oil and gas supplies.
FUNDAMENTALS
* NYMEX crude for December delivery <CLc1> rose 57 cents to
$78 a barrel by 2331 GMT. The contract settled down $2.19 at
$77.43 a barrel on Friday, after data showed the U.S. jobless
rate jumped more than expected to a 26-1/2-year high in
October.
* Hurricane Ida roared toward the Gulf of Mexico on Sunday,
where important oil fields are located, after killing 91 people
and leaving at least another 60 missing in floods and mudslides
in El Salvador. []
* Fast-moving, strengthening Hurricane Ida led oil
companies to begin evacuating workers on Sunday from the Gulf
of Mexico and prompted the nation's only offshore oil port to
stop taking foreign crude from tankers. []
* United Arab Emirates Oil Minister Mohammed al-Hamli said
on Saturday raising oil production was not currently on the
agenda for OPEC. []
MARKETS NEWS
* The U.S. dollar fell on Monday while the New Zealand
dollar led other commodity-linked currencies sharply higher
after dairy giant Fonterra lifted its forecast payout to farmer
shareholders by almost 20 percent. []
* As unemployment in the United States edges above 10
percent, anxious investors will look to earnings reports from
major retailers such as Wal-Mart Stores Inc <WMT.N> for signs
of life in the beaten-up consumer. []
* The Labor Department said employers cut 190,000 jobs in
October, more than the 175,000 that markets had expected,
bringing unemployment to 10.2 percent. []
* Global equity markets ended the week with gains on
Friday, shrugging off initial shock at U.S. jobs data, but oil
prices never fully recovered. Gold climbed to another record
high, piercing through the $1,100 an ounce mark after the data,
before slipping back as investors decided the jobless numbers
were not so bad. []
DATA/EVENTS
* The following data is expected on Monday:
- Japan bank lending for Oct (1050 local time)
- Australia ANZ job ads for Oct (1130 local time)
- Australia Housing Finance for Sept (1130 local time)
- S.Korea October Producer Prices (1400 local time)
- Germany Industrial output for Sept (2200 local time)
- Eurozone Sentix Index (2030 local time)
- US Employment Trends for Oct (0200 GMT)
RELATED NEWS > Oil falls nearly 3 pct on U.S. unemployment
data [] > COMMODITIES-Gold at record high, others
down [] > US STOCKS-Wall St rises 3 pct for week
[] > Dollar, yen post gains as U.S.
unemployment ris[]
PRICES
Oil prices as of 2331 GMT
Contract Mnth Price Change Day ago pct MA-20*
NYMEX Contracts
US Crude DEC9 $78.00 +0.57 -$2.19 -2.75% $78.41
Heat Oil DEC9 201.61 +1.26 -5.41 -2.63% 202.87
RBOB DEC9 194.00 +1.57 -6.34 -3.19% 197.49
Natgas DEC9 $4.646 +0.051 -$0.187 -3.91% $4.766
ICE Contracts
Brent DEC9 $76.47 +0.60 -$2.12 -2.72% $76.66
#VALUE!
Note: U.S. heating oil and RBOB gasoline contracts listed in
cents per gallon.
* = 20-day moving average for continuation month.
(Reporting by Fayen Wong)
