NYMEX-Crude drops as IEA lower demand view weighs

* IEA on Friday lowers 2009 global oil demand forecast

* U.S. stock markets lower on Monday

NEW YORK, April 13 (Reuters) - U.S. crude oil futures fell
on Monday after the International Energy Agency lowered its
2009 global demand forecast on Friday and as Wall Street
slumped.

"Obviously crude is being weighed down by the IEA report
and also the weak equities," said Phil Flynn, analyst at Alaron
Trading in Chicago.

Sources including Flynn also pointed to profit taking after
Thursday's nearly 6 percent rise ahead of Friday's market
closings and the long weekend.

"Top of the trading range holds again," said Tom Knight,
trader at Truman Arnold in Texarkana, Texas, who also noted the
pressure from the "IEA demand forecast cut."

An Easter Monday holiday in Europe and elsewhere was
limiting trading volume, according to analysts and traders.

U.S. stocks fell as energy stocks slumped with oil prices
and Boeing Co slid after it issued a profit warning, giving
investors jitters ahead of earnings reports this week. [.N]

Crude oil futures fell sharply despite a weaker dollar, a
factor that is usually supportive to crude oil.

PRICES

* On the New York Mercantile Exchange at 12:03 p.m. (1603
GMT), May crude CLK9 was down $2.76, or 5.28 percent, at
$49.48 a barrel, trading from $48.84 to $52.15.

* In London, May Brent LCOK9 crude fell $2.53, or 4.68
percent, to $51.53 a barrel, trading from $50.90 to $54.12.

* NYMEX May RBOB RBK9 fell 4.38 cents, or 2.96 percent,
to $1.4372 a gallon, trading from $1.4037 to $1.4812.

* NYMEX May heating oil HOK9 fell 5.38 cents, or 3.77
percent, to $1.3750 a gallon, trading from $1.3449 to $1.43.

* The May/May RBOB crack spread <0#RB-CL=R> was at $10.73 a
barrel. It ended at $9.96 on Thursday. The May/May heating oil
crack spread <0#CL-HO=R> was at $8.22. It ended Thursday at
$7.77.

* The spread between the current front month and the
five-year forward crude contract CLc61 was at $27.20, based
on the May 2014 contract's Thursday settlement at $76.68. The
spread ended at $24.44 on Thursday.

MARKET NEWS

* Kuwait is satisfied with oil prices even after a fall of
around $3 on Monday, Kuwait's oil minister said. [ID:nLD69739]

* Iran's OPEC governor said if oil demand continued to drop
until the next OPEC meeting the group may decide to further cut
oil output, the Iranian newspaper Hamshahri quoted Mohammad Ali
Khatibi as saying. [ID:nHAF327619]

* It is too early for OPEC to react to a sharp global oil
demand forecast revision from the International Energy Agency,
Qatar's Oil Minister said on Monday. [ID:nLD448380]

* It is a good time to invest in energy projects due to
declining construction and material costs, a Kuwait Supreme
Petroleum Council member told news agency KUNA. [ID:nLD461000]

* Iran resumed spot exports of fuel oil in April, after
halting sales in the first-quarter due to strong domestic
demand for power generation during the winter, industry sources
said on Monday. [ID:nLD469516]

* ConocoPhillips (COP.N: Quote, Profile, Research) is preparing to restart the crude
distillation unit at its refinery in Linden, New Jersey,
sometime this week, trade sources said Monday. [ID:nN13369057]

* Iran's chief nuclear negotiator Saeed Jalili told EU
foreign policy chief Javier Solana that Tehran would welcome
dialogue on "constructive cooperation" with six world powers,
state television reported on Monday. [ID:nDAH336053]
(Reporting by Robert Gibbons)