NYMEX-Crude at new 19-month low on demand worries

NEW YORK, Nov 10 (Reuters) - U.S. crude futures fell to a
fresh 19-month low at midday on Monday as ongoing worries about
the global economic downturn renewed concerns over demand.

Prices had been higher earlier as stocks rallied in an
initial reaction to a massive stimulus plan by China. But crude
prices retreated when U.S. stocks turned lower on the day.

"The crude futures rally didn't last even half a day today
because the oil markets are vulnerable to the steady drumbeat
of bad economic data. Bad news from Fannie Mae, AIG and earlier
GM all point to demand destruction," said Gene McGillian,
analyst at Tradition Energy.

"Once the shock of (China's) surprise wears off, some of
the gains will probably be given back," Mike Fitzpatrick, vice
president of MF Global wrote in a research note.

PRICES

* In choppy trading on the New York Mercantile Exchange at
1 p.m. EST (1800 GMT), December crude CLZ8 was down 58 cents,
or 0.95 percent, at $60.46 a barrel, trading from $59.10, the
lowest since prices hit $56.10 on March 20, 2007, to $65.56.

* In London, December Brent LCOZ8 was down 29 cents, or
0.51 percent, at $57.06 a barrel, trading from $56.18 to
$61.98.

* NYMEX December RBOB RBZ8 fell 2.23 cents, or 1.65
percent, to $1.3272 a gallon, trading from $1.30, the lowest
since RBOB gasoline began trading in October 2005, to $1.4421.

* NYMEX December heating oil HOZ8 dipped 0.59 cent, or
0.3 percent, to $1.9725 a gallon, trading $1.9450 to $2.0940.

* The December heating oil crack spread <0#CL-HO=R> was at
$22.39 a barrel, and the RBOB crack spread <0#RB-CL=R> was at
minus $4.72.

* The spread between the current front month and the
five-year forward December crude contract CLc61 showed an
indicated plus $23.54, based on the asked price of $84 for
December 2013 crude. The spread ended at $24.95 on Friday, up
slightly from $24.68 on Thursday.

TECHNICALS

NYMEX crude 10-day/20-day moving average: $65.01/$67.61

Technical support/resistance:

NYMEX crude: $58.00/$65.50

NYMEX heating oil: $1.88/$2.05

NYMEX RBOB: $1.30/$1.46

For a report on market technicals click [ID:nLA545972]

MARKET NEWS

* U.S. stocks dipped on Monday as investors expressed
doubts about whether China's deep-pocketed stimulus plan would
avert a global economic slump and shares of General Motors
(GM.N: Quote, Profile, Research) fell to 62-year lows on worries about the carmaker's
dwindling cash. [.N]

* The U.S. dollar fell against the euro on Monday as news
of a large economic stimulus package from China made traders
more willing to take on risk. [USD/]

* Saudi Arabia told Asian refiners that it would cut
December supplies 5 percent, term lifters said. [ID:nSP414579]

* Iran's oil minister said OPEC might meet before its
scheduled December meeting, adding that non-OPEC producers
"must" help manage the market. [ID:nDAH045270]

* Ecuador's oil minister said OPEC should hold a special
meeting this month. [ID:nN10452531]

* Tuesday's federal workers holiday will delay U.S. oil
inventory data until Thursday at 11 a.m. (1600 GMT) and natural
gas data until Friday at 10:35 a.m. (1535 GMT).
[ID:nN06323263]
(Reporting by Gene Ramos and Robert Gibbons; Editing by
Christian Wiessner)