TOKYO, April 13 (Reuters) - U.S. crude futures extended their declines into a third day on Wednesday, falling to $106 a barrel, down more than 6 percent from a 32-month peak marked this week on concerns -- heightened by a warning from Goldman Sachs -- that prices had risen too far and could curb demand.
U.S. crude's 5.8 percent slide over the past two sessions was the biggest two-day percentage decline since May 2010, when the debt crises in Greece and the wider euro zone pulled down commodities.
FUNDAMENTALS
* NYMEX crude for May delivery
* Goldman Sachs expects Brent crude to fall towards $105 in coming months, according to a note e-mailed to clients, after recommending on Monday that they close trades on a basket of commodities that include U.S. crude. [ID:nN12164096] [ID:nLDE73B02E]
* Top oil exporter Saudi Arabia has quietly cut production by around 500,000 barrels per day (bpd), two Saudi-based industry sources said, from its output increase in March when it offset lost Libyan crude. [ID:nLDE73B1J0]
* Saudi Arabia is ready to sell more of its new crude oil blend in the coming months if demand is there, and it will be available on the spot market, a market source said on Tuesday. [ID:nLDE73B0MM]
* Qatar confirmed on Tuesday that it was marketing Libyan crude oil and buying fuel on behalf of the rebels trying to overthrow Muammar Gaddafi, throwing a vital lifeline to the embattled anti-government forces. [ID:nN12189914]
* High petroleum prices will cut into global oil demand but not until next year, the U.S. government's energy forecasting agency said on Tuesday. [ID:nN12189731]
* High oil prices are beginning to put the brakes on the rapid pace of global economic growth and erode demand for fuel, the International Energy Agency said on Tuesday in a report that added to a steep selloff in crude oil prices. [ID:nLDE73B0MO]
* U.S. crude inventories rose last week and oil product stocks fell as U.S. refinery utilisation unexpectedly plunged, data from the American Petroleum Institute (API) showed on Tuesday. [ID:nN12198058]
* Russia's Gazprom is talking to Shell
MARKETS NEWS
* The yen held firm early in Asia on Wednesday, having gained broadly as profit taking on short positions took off on the back of renewed risk aversion, while investors also favoured the Swiss franc as a safe-haven currency.
* U.S. stocks dropped on Tuesday on worries that falling oil prices could set off a reversal in the high-flying energy sector, while Alcoa's leaner-than-expected revenue disappointed.
* U.S. imports and exports fell in February, prompting analysts again to cut their forecasts for U.S. economic growth in early 2011 and showing signs of a slowing in the global recovery. [ID:nN12253400]
* The world's biggest economies will struggle this week to make headway on a plan to identify countries that put the global economy at risk, with China opposed to any attempt to curb its growth. [ID:nN12173975]
DATA/EVENTS
* The following data is expected on Wednesday: (Times in GMT)
0900 EZ Industrial production yy Feb 2011
1100 U.S. JPMorgan Chase & Co Q1
1230 U.S. Retail sales mm Mar
1400 U.S. Business inventories mm Feb
1430 U.S. EIA petroleum stocks Weekly
PRICES Oil prices as of 0012 GMT Contract Mnth Price
Change | Day ago pct | MA-20* NYMEX Contracts US Crude MAY1 $106.06 -0.19 | -$3.67 -3.34% | $105.81 Heat Oil MAY1 318.00 +0.74 | -7.99 -2.46% | 311.08 RBOB MAY1 317.38 +0.97 | -3.64 -1.14% | 308.14 Natgas MAY1 $4.100 +0.002 | -$0.010 -0.24% | $4.218
ICE Contracts Brent MAY1 $120.75 -0.17 | -$3.06 -2.47% | $117.90 Gasoil MAY1 $1010.00 +1.50 | -$39.75 -3.79% | $999.31 Note: U.S. heating oil and RBOB gasoline contracts listed in cents per gallon. * = 20-day moving average for continuation month. (Reporting by Risa Maeda; Editing by Edmund Klamann)
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NATIONAL CRUDE IMPORT DATA
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