* OPEC could hike output with extended $100 run-source
* Jobless claims report disappoint, other data mixed
* Coming up: Consumer prices data, sentiment on Friday
(Updates with prices, market activity))
By Gene Ramos
NEW YORK, Jan 13 (Reuters) - Oil prices fell in see-saw
trading on Thursday as disappointing U.S. jobs data weighed on
demand prospects and a possibility that OPEC may raise output
should prices break above $100 a barrel.
In London, ICE Brent crude for February <LCOc1> fell 28
cents to $97.84 a barrel at 2:18 p.m. (1918 GMT). U.S. crude
<CLc1> fell 62 cents to $91.24.
Trading was volatile, after settlements hit 27-month highs
on both sides of the Atlantic on Wednesday, with February Brent
expiring on Friday and a plethora of U.S. economic indicators
scheduled for release also on Friday.
Brent's premium over U.S. crude remained wide, at around
$6.40, after after ending at $6.36 on Wednesday. The premium
had pushed above $7 on Tuesday, the widest since February
2009.
A delegate from a Gulf OPEC member state said OPEC will
only hold an emergency meeting if oil climbs above $100 and
stays there, although the group's Gulf members could informally
add supply if needed. []
"OPEC will only have an extraordinary meeting if oil prices
exceed $100 and stay there. We don't want the market to panic,"
the delegate told Reuters.
U.S. weekly initial unemployment claims showed their
biggest increase in six months, suggesting that, even with
recent signs of economic improvement, the labor market paints a
gloomy picture for demand. []
"The jobless claims number was very disappointing and
underscores the looming question of how long the diminished
U.S. consumer can handle $3.00 plus per gallon gasoline. The
answer would appear to be not for long," said John Kilduff,
partner, Again Capital LLC in New York.
Other economic reports showed the U.S. trade gap narrowed
in November and producer prices rose more than expected in
December.
Recent supply concerns that helped ignite oil's most recent
rally have eased after the restart of production at two North
Sea oil fields and a provisional restart of the Trans Alaska
Pipeline System, after it was shut by a small leak on
Saturday.
By Wednesday, the pipeline, which carries about 12 percent
of U.S. oil production, was pumping at a rate of 400,000
barrels per day, almost two-thirds of its normal levels.
[]
The pipeline will be temporarily shut again this weekend for about 36 hours to install a bypass system and analysts
said potential problems may still be encountered.
(Additional reporting by Robert Gibbons in New York; Claire
Milhence, Dmitry Zhdannikov and Alex Lawler in London; editing
by Marguerita Choy)
