TOKYO, Nov 26 (Reuters) - U.S. crude futures slipped below $78 a barrel on Thursday, after surging by more than 2 percent the previous day, paring gains in light trading during the U.S. holiday.
FUNDAMENTALS
* NYMEX crude for January delivery <CLc1> fell 32 cents to $77.64 a barrel, after settling up $1.94 on Wednesday, when a sliding dollar and a government report showing a build in crude stockpiles supported prices. [
]The New York Mercantile Exchange floor trading is closed on Thursday for the U.S. Thanksgiving Day holiday and will have an abbreviated session on Friday, but some electronic trading will take place.
* The U.S. Energy Information Administration's (EIA) weekly inventory report showed on Wednesday crude oil stockpiles rose 1.0 million barrels last week, a little less than an analyst forecast of a 1.2 million-barrel build. [
]The figure was also lower than an industry inventory report released on Tuesday that showed crude stocks rose 3.3 million barrels. [
]* Prices were buoyed on Wednesday when the U.S. dollar fell to a 15-month low after U.S. data on jobless claims, personal consumption and new home sales fed economic optimism. [
]Consumer spending rose more than expected in the world's largest economy, while new jobless benefits claims dropped. New U.S. home sales in October rose to their highest level in a year. [
]MARKETS NEWS
* Japan's Nikkei average hit a four-month low, with shares of exporters hurt by a stronger yen. [
]* U.S. equities gained in light trading volume on Wednesday, supported by data that pointed to stabilisation in the labour and housing markets, areas that have fed concerns about a "double dip" recession. [
]* The 19-commodity Reuters-Jefferies CRB index <.CRB>, which tracks 19 mostly U.S.-traded futures markets, rose 2.3 percent on Wednesday, when a tumbling dollar sparked fresh investor interest in commodities. [
]DATA/EVENTS
* The following data is expected on Thursday:
- October Euro Zone Private Loans and M3 (0900 GMT)
- British CBI Retail Sales for November (1100 GMT)
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Oil prices as of 0012 GMT Contract Mnth Price Change Day ago pct MA-20* NYMEX Contracts US Crude JAN0 $77.71 -0.25 +$1.94 +2.55% $78.32 Heat Oil DEC9 0.00 +0.00 +4.04 +2.07% 202.32 RBOB DEC9 0.00 +0.00 +5.86 +3.02% 197.78 Natgas JAN0 $5.164 +0.001 +$0.397 +8.33% $4.632 ICE Contracts Brent JAN0 n/a +$1.98 +2.59% $77.49 Gasoil DEC9 n/a +$7.50 +1.25% $624.98 Note: U.S. heating oil and RBOB gasoline contracts listed in cents per gallon. * = 20-day moving average for continuation month. (Reporting by James Topham) ((james.topham@thomsonreuters.com; +813 6441 1858; Reuters Messaging: james.topham.reuters.com@reuters.net)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com))
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