TOKYO, Oct 14 (Reuters) - U.S. crude futures rose for a fifth
day towards their 2009 high of $75 a barrel, helped by a weak
dollar and positive earnings from Intel after the bell that
pushed U.S. stock futures sharply higher.
FUNDAMENTALS
* NYMEX crude for November delivery <CLc1> was up 47 cents at
$74.62 a barrel by 0010 GMT, after rising as high as $74.96 in
electronic trading, a whisker away from the 2009 high of $75 hit
on Aug. 25.
The contract, which settled up 88 cents at $74.15 on Tuesday,
has gained $4.58 in the past four days.
* Intel Corp's <INTC.O> quarterly outlook and results
shattered expectations on Tuesday, boosting its shares by 6
percent and fuelling optimism over a tech sector recovery before
the crucial holiday season. []
* Tuesday's gains came after the Organization of the
Petroleum Exporting Countries said a recovering world economy is
expected to boost world crude demand by 700,000 barrels per day
next year, to almost 85 million barrels a day. []
A weak dollar, which slid to a 14-month low against a basket
of currencies, also helped boost demand for commodities.
* U.S. weekly oil inventory data from the American Petroleum
Institute (API) will be released later in the day.
A Reuters poll of analysts forecast the data will show a
700,000-barrel build in crude stocks last week, after a surprise
drawdown in last week's report. []
MARKETS NEWS
* U.S. stocks weakened on Tuesday as disappointing sales from
Johnson & Johnson <JNJ.N> stirred jitters about the strength of
earnings, snapping the S&P 500's six-day winning streak. []
* The U.S. dollar held near 14-month lows against a basket of
currencies on Wednesday, as investors bet on commodity currencies
on growing optimism about a global recovery. []
DATA/EVENTS
* The following data is expected on Wednesday:
- 0400 GMT--China Summary Trade Data for Energy/Sept
- 0500 GMT--Japan Consumer Confidence/Sept
- 0900 GMT--Euro Zone Industrial Production/Aug
- 1100 GMT--U.S. Mortgage Index/Weekly
- 1230 GMT--U.S. Import-Export Prices/Sept
- 1230 GMT--U.S. Retail Sales/Sept
- 1400 GMT--U.S. API Statistics Report/Monthly
- 1400 GMT--U.S. Business Inventories/Aug.
- 1800 GMT--FOMC Minutes Sept 22-23 meeting
- 2030 GMT--U.S. API Petroleum Report/Weekly
RELATED NEWS
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PRICES
Oil prices as of 0010 GMT
Contract Mnth Price Change Day ago pct MA-20*
NYMEX Contracts
US Crude NOV9 $74.62 +0.47 +$0.88 +1.20% $70.29
Heat Oil NOV9 192.76 +0.42 +2.90 +1.53% 179.46
RBOB NOV9 184.00 +0.82 +3.28 +1.82% 174.72
Natgas NOV9 $4.620 +0.032 -$0.292 -5.98% $4.329
ICE Contracts
Brent NOV9 $72.77 +0.37 +$1.04 +1.46% $68.82
Gasoil NOV9 $604.50 +7.50 +$4.00 +0.67% $561.08
Note: U.S. heating oil and RBOB gasoline contracts listed in
cents per gallon.
* = 20-day moving average for continuation month.
(Reporting by Osamu Tsukimori; Editing by Chris Gallagher)
