NYMEX-Crude dips as Wall Street down, dollar up

* Wall St. down on banks' stock offerings

* U.S. dollar rebounds from four-month low

NEW YORK, May 11 (Reuters) - U.S. crude futures were more
than 1 percent lower on Monday, on profit-taking after Friday's
rally to a near six-month high, and as oil markets tracked
weaker equities and a stronger dollar.

"Without fresh signs that the world economy is improving,
oil traders decided to book profits and hedge forward
production in case the recent bullish trend stalls or
reverses," said Peter Beutel, president of trading consultants
Cameron Hanover in New Canaan, Connecticut.

Some oil market analysts saw signals from OPEC also
fostering early weakness in crude prices.

"Indications that OPEC may not cut output when they meet
May 28 in Vienna to review policy also belong on the bearish
side of today's balance, given the context where inventories
are still trending higher," said Tim Evans, energy analyst at
Citi Futures Perspective in New York.

Crude futures' losses were pared on technical support below
$57 and as RBOB gasoline pared sharp losses due to some
refinery problems, analysts and traders said.

Shell Oil Co (RDSa.L: Quote, Profile, Research) said that its 332,000 barrel-per-day
Deer Park, Texas, refinery has experienced disruptions to
production after being hit by a power outage during the
weekend.

"We are working to resolve the situation as soon as
possible, but anticipate we will not achieve normal rates for
several days," Shell said in a statement.[ID:nN11533489]

For more reports on U.S. refineries, click on [REF/US].

PRICES

* On the New York Mercantile Exchange at 1:10 p.m. EDT
(1710 GMT), June crude CLM9 was down 80 cents, or $1.10, or
1.36 percent, at $57.83 a barrel, trading from $56.78 to
$58.63. It settled on Friday at $58.63, the highest close since
Nov. 11, and hit a high of $58.75, the highest intraday price
since $58.98 was struck on Nov. 17.

* In London, June Brent crude LCOM9 was down $1.15, or
2.1 percent, at $56.99, trading from $56.31 to $58.09.

* NYMEX June RBOB RBM9 was down 3.52 cents, or 2.11
percent, at $1.6703 a gallon, trading from $1.6365 to $1.7095.
It settled on Friday at $1.7055, the highest since Oct. 20.

* NYMEX June heating oil HOM9 was down 2.36 cents, or
1.55 percent, at $1.4948 a gallon, trading from $1.4757 to
$1.5247.

* The June/June RBOB crack spread <0#RB-CL=R> was at
$12.32, after ending at $13 on Friday. The June/June heating
oil crack spread <0#CL-HO=R> was at $4.95, after closing at
$5.14 on Friday.

* The spread between the current front month and the
five-year forward crude contract CLc61 was at $18.15, based
on the June 2014 contract settlement on Friday at $75.98. The
spread closed at $17.35 on Friday, from $18.64 on Thursday.

MARKET NEWS

* U.S. stocks fell as investors booked profits after a
strong run and several major banks announced large common stock
offerings to repay government bailout funds. [.N]

* The dollar rebounded from a four-month low and the yen
rose broadly as investors cashed in on last week's rally in
riskier assets, while a decline in world stock prices boosted
the greenback's safe-haven appeal. [USD/]

* OPEC is not expected to cut output in its coming meeting
this month for political reasons, a Kuwaiti oil official said
in remarks published on Sunday. [ID:nLA302585 ]

* OPEC members most dependent on costly oil face a long
struggle as some demand has gone for good and a target of
around $75 a barrel is a distant dream, the executive director
of the Center for Global Energy Studies said. [ID:nLB68055]

* Gasoline inventories at the end of April in 16 European
countries were 10.5 percent lower than at the same time last
year, data from industry monitor Euroilstock said. Stocks of
middle distillates, including diesel and heating oil, were up
12.4 percent on a year earlier, it said. [IDnLB372684]

* China fell deeper into deflation in April, but a tidal
wave of money coursed through the economy after an earlier
surge in bank lending and cemented expectations that prices
would be rising again before the year ends. [ID:nPEC39063]
(Reporting by Gene Ramos; Editing by Marguerita Choy)