TOKYO, June 3 (Reuters) - U.S. crude futures extended gains on Friday supported by a weak dollar as the market awaited carefully watched U.S. nonfarm payrolls data due later in the day.
The market so far has seen limited downward pressure from news that OPEC is considering raising output possibly by as much as 1.5 million bpd, ahead of the group's meeting in Vienna on June 8. One delegate said a 1 million-bpd hike would be the likely outcome.
OPEC is ready to raise production to meet any increased demand, Saudi Arabia's Oil Minister Ali al-Naimi said during a visit to Poland. [ID:nLDE75114K]
FUNDAMENTALS
* NYMEX crude for July delivery
* London Brent crude for July delivery
* U.S. crude stockpiles rose 2.88 million barrels to 373.8 million in the week to May 27, the U.S. Energy Information Administration said, against expectations of a fall.
Gasoline inventories jumped by 2.55 million barrels, more than expectations, while distillate stocks fell just under a million barrels, more than forecast.
* Seaborne oil exports from OPEC, excluding Angola and Ecuador, will rise by 160,000 bpd in the four weeks to June 18, UK consultancy Oil Movements said. [ID:nWLA1816]
* The closely watched U.S. nonfarm payrolls data for May, to be released at 1230 GMT, is forecast to show employers likely added 150,000 jobs, according to a Reuters survey, after increasing payrolls by 244,000 in April.
MARKETS NEWS
* U.S. stocks ended a volatile trading day mostly flat on Thursday as investors were reluctant to make bets a day before a critical labor market report that could magnify fears the economy is slowing.
* The euro touched a one-month high against the dollar on Friday after Moody's Investors Service said there is a very small but rising risk of a short-lived default by the United States if there is no increase in the statutory debt limit in coming weeks.
DATA/EVENTS
* The following data is expected on Friday: (Time in GMT)
- 0758 EZ Markit Services PMI May 2011
- 1130 India M3 Money Supply
- 1200 Brazil GDP year/year Jan 2011
- 1230 US Employment/payrolls May 2011
- 1930 US CFTC trader commitments-futures Wkly <0#1CFTC00>
- 1930 US CFTC trader commitments-fut&opns <0#3CFTC00> (Reporting by Osamu Tsukimori; Editing by Edwina Gibbs)