July 30, 2010 – PERTH, July 30 (Reuters) - U.S. crude prices paused from the previous session's strong gains and hovered at just above $78 a barrel, as traders stayed at the sidelines ahead of second quarter U.S. growth figures due later on Friday.
FUNDAMENTALS
* NYMEX crude for September delivery slipped 16 cents to $78.20 a barrel by 0003 GMT. The contract rose for the first time in a week, gaining $1.37 a barrel to settle at $78.36 on Thursday.
* Japan's industrial output unexpectedly fell in June and manufacturers expect further declines in coming months, boding ill for the fragile economic recovery faced with a strong yen and moderating overseas demand.
* Oil's gains on Thursday came on the back of a weakening in the U.S. dollar against the euro, boosting demand for oil priced in dollars, and after European data showed eurozone economic sentiment has improved.
* Oil product stocks held in the Amsterdam-Rotterdam-Antwerp storage hub fell across the board in the week ending Thursday, Dutch oil analyst Pieter Kulsen said on Thursday.
* Consultancy Oil Movements said seaborne oil exports by OPEC, excluding Angola and Ecuador, will fall by 370,000 barrels per day in the four weeks to Aug. 14, adding another bullish element.
MARKETS NEWS
* New U.S. claims for unemployment benefits slipped last week, but stayed at a stubbornly high level that underscored the labor market recovery was having trouble gaining traction.
* Asian stocks will likely make a weaker start on Friday, as a poor outlook from technology stocks weighed on Wall Street and investors stay cautious ahead of second quarter U.S. growth figures due later on Friday.
* U.S. stocks sagged in volatile trading on Thursday after weak outlooks from technology companies and downbeat comments from a Federal Reserve official gave investors little reason to buy.
* The euro rallied above $1.3100 to a 12-week high against a broadly weaker dollar on Thursday as supportive European data prompted investors to bet the European economy is on a better track compared with the United States.
DATA AND EVENTS: S.Korea Industrial output yy Jun 2300 GMT Japan Manufacturing PMI Jul 2315 GMT Japan CPI, core nationwide Jun 2330 GMT Japan Industrial output prelim Jun 2350 GMT Japan Construction orders yy Jun 0500 GMT Germany Retail sales yy real Jun 0600 GMT EZ Inflation, flash yy Jul 0900 GMT U.S. Real GDP qq SAAR Q2-Adv 1230 GMT U.S. Employment costs Q2 1230 GMT U.S. ISM New York Jul 1230 GMT U.S. Chicago PMI Jul 1345 GMT U.S. U.Mich conditions Jul-F 1355 GMT U.S. ECRI index Weekly 1400 GMT
RELATED NEWS > Oil up for 1st time in week as dollar weakens > China PMI set to ease again as growth fears nag > Stocks slip on uncertain recovery; euro flies PRICES Oil prices as of 0003 GMT Contract Mnth Price Change Day ago pct MA-20* NYMEX Contracts US Crude SEP0 $78.20 -0.16 +$1.37 +1.78% $76.25 Heat Oil AUG0 203.30 -0.42 +4.08 +2.04% 200.52 RBOB AUG0 0.00 +0.00 +3.40 +1.65% 205.91 Natgas SEP0 $4.836 +0.009 +$0.109 +2.31% $4.573 ICE Contracts Brent SEP0 -- +0.00 +$1.53 +2.01% $75.37 Gasoil AUG0 -- +0.00 +$12.00 +1.88% $640.21 Note: U.S. heating oil and RBOB gasoline contracts listed in cents per gallon. * = 20-day moving average for continuation month. (Reporting by Fayen Wong; Editing by Ed Lane)
