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NYMEX-Crude little changed, investors wary due to U.S. holiday

Published 05/29/2011, 07:43 PM
Updated 05/29/2011, 07:52 PM
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TOKYO, May 30 (Reuters) - U.S. crude futures were little changed on Monday, hovering near a two-week high marked last week as a lack of major economic data and the closure of U.S. financial markets for the Memorial Day holiday kept investors from buying actively.

FUNDAMENTALS

* NYMEX crude for July delivery was up 2 cents at $100.61 a barrel by 2301 GMT. The contract settled at $100.59 a barrel on Friday, up 36 cents, or 0.36 percent, after trading between $100.04 and $101.24.

* Last week, U.S. crude rose as high as $101.90, supported by a weaker dollar and optimism about demand in the world's biggest oil consumer.

* U.S. oil futures trading on the floor of the New York Mercantile Exchange is closed on Monday. Electronic trading proceeds as usual.

* Big hedge funds and other speculators raised their bets on higher crude by 2 percent in the week to May 24, the first time major investors have become more bullish on oil since the end of April, the Commodity Futures Trading Commission said.[ID:nEMS4HYGY3]

* London Brent crude for July delivery settled at $115.03 a barrel on Friday, off 2 cents, trading between $114.40 and $115.68. The London market is closed for a bank holiday on Monday.

* OPEC crude oil output is expected to rise in May as extra oil from Saudi Arabia, Nigeria and Iraq counters a further decline in Libyan supply, a Reuters survey found on Friday. [ID:nLDE74Q1RF]

* Yemeni forces loyal to President Ali Abdullah Saleh opened fire on protesters in the southern city of Taiz on Sunday, killing at least six people and wounding 120, hospital sources said. [ID:nLDE74S0JS]

MARKETS NEWS

* After a two-day summit in France, the Group of Eight world leaders agreed that the global economic recovery was becoming more "self-sustained", although they said higher commodity prices were hampering further growth. [ID:nLDE74P0DD]

* The Dow and S&P 500 stock indices closed out their fourth week of losses with a small gain on Friday, but only with the help of a weaker dollar boosting metals prices and basic materials stocks.

* The euro rose against the dollar on Friday, capping off its best week since late April, as European officials said Greece should be able to shoulder its heavy debt burden without restructuring.

DATA/EVENTS

* The following data is expected on Monday: 2300 S.Korea Industrial output yy Apr 2011 2315 Japan Manufacturing PMI May 2011 2350 Japan Industrial output prelim mm Apr 2011 2350 Japan IP forecast 1 mth ahead Apr 2011

(Reporting by Risa Maeda)

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