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CORRECTED-NYMEX-Crude rises to $102 after selloff on rising inventories
April 5, 2012 / 1:21 AM / 6 years ago

CORRECTED-NYMEX-Crude rises to $102 after selloff on rising inventories

(Corrects prices)	
    SINGAPORE, April 5 (Reuters) - U.S. crude futures rose to
near $102 a barrel on Thursday after falling sharply in the
previous session on a report showing a higher-than-expected rise
in U.S. oil inventories.	
    Prices were supported by ongoing concerns over supply
disruptions from the North Sea and the Middle East and fresh
signs of a recovery in the U.S. economy.	
    The market will be eyeing a key jobs report out of the
United States on Friday for further evidence of the recovery at
the world's top oil consumer.	
    	
    FUNDAMENTALS  	
    * NYMEX crude for May delivery rose 52 cents to
$101.99 a barrel by 0140 GMT, after settling down $2.54 at
$101.47 in the previous session.	
    * London Brent crude for May delivery gained 40
cents to $122.74 a barrel, after settling down $2.52 cents at
$122.34.	
    * A surge in imports following fog-related delays in key
Texas oil-shipping channels in March pushed crude inventories up
more than 16 million barrels in the two weeks to March 30, the
biggest two-week increase since March 2001, data from the Energy
Information Administration showed. 	
    * Japanese refiners will cut Iranian crude imports yet again
in April as they shy away from renewing annual contracts,
showing continued commitment to U.S.-led sanctions over Tehran's
nuclear programme.  	
    * U.S. businesses added 209,000 jobs in March, according to
the ADP National Employment Report. The report by the payrolls
processor was slightly above economists' expectations for a gain
of 200,000 jobs. 	
    * The U.S. March nonfarm payrolls report from the U.S. Labor
Department due on Friday is expected to show a gain of 203,000
jobs, including a rise in private payrolls of 218,000.
 	
    * Exxon Mobil Corp's 344,500 barrels per day (bpd)
Beaumont, Texas, refinery began a planned overhaul on Sunday on
Crude Distillation Unit B, a coking unit, and other associated
units, a company spokeswoman said. 	
     	
    MARKETS NEWS  	
    * Asian shares fell on Thursday after a weak Spanish bond
sale heightened concerns about funding difficulties by
lower-rated euro zone countries, further undermining sentiment
hurt by fading expectations for more stimulus from the U.S.
Federal Reserve. 	
    * The euro floundered at three-week lows versus the yen and
dollar on Thursday, while commodity currencies also nursed heavy
losses after a poor Spanish bond auction reignited worries about
the euro zone debt crisis. 	
      	
    DATA/EVENTS  	
    * The following data is expected on Wednesday:(Time in GMT)	
    - 0758  Euro zone March Markit Services PMI	
    - 1430  U.S. weekly EIA petroleum status report     	
    	
	
 (Reporting by Francis Kan; Editing by Sugita Katyal)

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