NYMEX-Crude holds above $90 after 5 days of gains

TOKYO Fri Dec 21, 2012 5:43am IST

Coal Mining In The Punjab

Coal Mining In The Punjab

In Choa Saidan Shah miners dig coal with crude pick axes and load it onto donkeys to be transported to the surface earning a team of 4 workers around $10 to be split between them.  Slideshow 

TOKYO Dec 21 (Reuters) - U.S. crude stayed above $90 a barrel on Friday after five days of gains, though prices pulled back a touch on caution over U.S. budget talks as Republicans in the U.S. Congress pushed ahead with a plan that stands no chance of becoming law.

FUNDAMENTALS

* NYMEX crude for February delivery was down 11 cents at $90.02 a barrel by 2342 GMT, after settling up 15 cents on Thursday on thin trading with many operators already off for the holidays.

* London Brent crude for February delivery had not yet traded, after settling down 16 cents at $110.20.

* U.S. House of Representatives Speaker John Boehner's "Plan B" to limit income-tax increases to the wealthiest sliver of the population appeared likely to pass the House, but Obama has vowed to veto the plan.

* On Thursday, oil got some support from U.S. data showing that the U.S. economy grew faster than previously estimated in the third quarter.

But that was countered by data that the number of Americans filing new claims for unemployment aid rose last week to levels slightly larger than a Reuters poll.

* The world's spare oil production capacity outside of Iran rose slightly in the last two months, but a seasonal jump in winter heating consumption led to drawdowns from global stocks, the U.S. government said on Thursday in a bimonthly report.

MARKETS NEWS

* U.S stocks rebounded from early losses on Thursday after Republican House Speaker John Boehner said he would keep working on a solution to the "fiscal cliff".

* The yen struggled near multi-month lows against the greenback and euro on Friday, on track to clinch the title of worst major performing currency of 2012 as the last full trading week of the year draws to a close.

DATA/EVENTS

* The following data is expected on Friday: (Time in GMT)

- 1330 U.S. Durable goods orders Weekly

- 1930 U.S. CFTC commitment of traders data Weekly

- 2000 U.S. USDA-Cattle on Feed Dec

- 2000 U.S. USDA-Cattle Placed on Fd Nov

- 2000 U.S. USDA-Cattle Marketed Nov

- 2000 U.S. Cold Pork Belly Stocks Nov

- 2000 U.S. Cold Storage-Beef Stocks Nov

- 2000 U.S. Cold Storage- FCOJ Stock Nov (Reporting by Osamu Tsukimori; Editing by Ed Davies)

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