SINGAPORE, May 13 (Reuters) - U.S. crude eased towards $98 a barrel on Friday, pressured by concerns over global oil demand as U.S. drivers face rising pump prices and China battles inflation.
FUNDAMENTALS
* NYMEX crude for June
* ICE Brent crude
* The International Energy Agency, advisor to 28 industrialised nations, trimmed its global oil demand growth estimates for this year by 1.5 percent to 1.29 million barrels per day, noting gasoline pump prices near $4 a gallon prompt Americans to drive less. [ID:nLDE72E0Q3]
* China's central bank raised the reserve requirements for commercial banks by another 50 basis points as it pursued a campaign to fight inflation despite initial signs of a slowing economy. [ID:nL3E7GC287]
* A second big drop in oil prices in the last week was likely caused as much by short-selling as by investor liquidation, according to data released on Thursday that suggested more volatility ahead for commodity prices. [ID:nN12289634]
* Libyan rebels will meet senior White House officials in Washington on Friday, seeking both cash and diplomatic legitimacy in their war to topple Muammar Gaddafi. [ID:nLDE74B2KJ]
MARKETS NEWS
* The euro edged higher from a six-week low against the U.S. dollar as investors shrugged off worries about Greece and refocused attention on higher interest rates in the euro zone.
* Despite bailouts for Greece, Ireland and Portugal, Europe's debt crisis may yet spread to core euro zone countries and emerging Eastern Europe, the International Monetary Fund said. [ID:nLDE74B1DS]
* The U.S. economy struggled to gain momentum early in the second quarter, with retail sales posting their smallest rise in nine months in April and wholesale prices increasing more than expected. [ID:nN12296928]
DATA/EVENTS (GMT) :
* The following data is expected on Friday:
0600 Germany GDP flash yy Jan 2011 0800 Italy GDP prelim yy Jan 2011 0900 EZ GDP flash estimate yy Jan 2011 1230 U.S. Consumer price April 1355 U.S. Reuters U. Mich sentiment May-P (Reporting by Randy Fabi; Editing by Clarence Fernandez)
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