Reuters: Financial Services and Real Estate: NYMEX-Crude eases on Spain credit, debt concerns

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NYMEX-Crude eases on Spain credit, debt concerns May 29th 2012, 21:18 Tue May 29, 2012 5:18pm EDT * Credit downgrade of Spain pressure euro, oil * Tensions over Iran nuclear program limit oil losses * Coming up: API oil data 4:30 p.m. Wednesday NEW YORK, May 29 (Reuters) - U.S. crude edged lower on Tuesday, retreating after a downgrade of Spain's credit rating sent the euro reeling against the dollar, while hopes that Greece will remain in the euro zone and China will move to stimulate growth limited oil's losses. Egan-Jones Ratings cut Spain's credit rating for the third time in less than a month, pressuring the single currency and rekindling fears of a spreading debt crisis in the euro zone. Before the downgrade, oil and equities rose on optimism about polls showing leads for Greek political parties in favor of austerity and a report that China's biggest banks have accelerated lending. Also supportive for oil were revived concerns about supply disruptions because Iran's dispute with the West over Tehran's nuclear program remains unresolved. FUNDAMENTALS * On the New York Mercantile Exchange, July crude fell 10 cents, or 0.11 percent, to settle at $90.76 a barrel, having traded from $90.25 to $92.21. * China's biggest banks appeared to have accelerated lending toward the end of this month, the official Shanghai Securities News reported on Tuesday, citing unidentified sources. * OPEC output in May has hit its highest since 2008 as Saudi Arabia maintained output at high rates and Iranian shipments did not fall substantially more ahead of a European Union embargo set for July, a Reuters survey found on Tuesday. * Iran has significantly stepped up its output of low-enriched uranium and total production in the last five years would be enough for at least five nuclear weapons if refined much further, a U.S. security institute said. * Saudi Arabia's Crown Prince Nayef has left the kingdom for a holiday and medical tests, the state news agency reported on Saturday. * The U.N. nuclear watchdog has not yet given good enough reasons to visit a site where it suspects there may have been experiments for developing nuclear weapons, Iranian media said. The Parchin complex is at the center of Western suspicions that Iran is developing a nuclear weapons capability. * Iran has played down a U.N. report that said Iranian nuclear scientists had enriched uranium to a higher-than-expected level, Iranian state media reported on Saturday. * Security experts said on Monday a highly sophisticated computer virus is infecting computers in Iran and other Middle East countries and may have been deployed at least five years ago to engage in state-sponsored espionage. * China's official manufacturing managers' index (PMI) may have eased to 52.2 in May from a 13-month high in April, a Reuters poll showed. The official PMI will be released on Friday at 9 am local time (0100 GMT). MARKETS NEWS * Copper prices in London fell for the first time in four sessions, surrendering earlier gains, after a downgrade to Spain's sovereign credit rating rekindled fears about Europe's deepening debt crisis. * U.S. stocks rose as signs Greece would stay in the euro zone were enough to spark buying in what has been a weak month for equities, while Facebook fell to new lows. UPCOMING DATA/EVENTS * American Petroleum Institute oil inventory data due at 4:30 p.m. EDT (2030 GMT) on Wednesday. * U.S. Energy Information Administration natural gas storage data due at 10:30 a.m. EDT (1430 GMT) on Thursday. * U.S. Energy Information Administration oil inventory data due at 11 a.m. EDT (1500 GMT) on Thursday. * NYMEX gasoline and heating oil June contracts expire on Thursday. * U.S. May nonfarm payrolls report due at 8:30 a.m. EDT (1230 GMT) on Friday. SETTLE NET PCT LOW HIGH CURRENT DAY AGO CHNG CHNG VOL VOL CLc1 90.76 -0.10 -0.1% 90.25 92.21 250,707 153,921 CLc2 91.09 -0.06 -0.1% 90.56 92.52 38,259 27,363 LCOc1 106.68 -0.43 -0.4% 106.06 107.95 209,079 55,581 RBc1 2.9065 0.0136 0.5% 2.8903 2.9400 17,400 40,977 RBc2 2.8335 0.0018 0.1% 2.8219 2.8725 51,685 63,413 HOc1 2.8088 -0.0200 -0.7% 2.8041 2.853 13,099 23,935 HOc2 2.8132 -0.0197 -0.7% 2.8074 2.8579 44,846 39,787 TOTAL MARKET VOLUME OPEN INTEREST CURRENT May 25 30D AVG May 25 NET CHNG CRUDE 431,655 273,089 539,519 1,439,641 -1,009 RBOB 118,715 158,549 162,613 293,500 -5,856 HO 92,088 88,386 132,341 322,597 -6,912 Link this Share this Digg this Email Reprints

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