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Oil report

NYMEX-U.S. crude gains more than 1 percent on robust jobs data

SINGAPORE, Jan 9 (Reuters) - U.S. crude futures rose more than 1 percent to above $49 a barrel on Friday as robust jobs data boosted the outlook for the world’s largest economy, but the contract is set to record its seventh straight weekly drop in the face of a global supply glut.

FUNDAMENTALS

* U.S. crude for February delivery marked an intraday high of $49.61 a barrel, and was at $49.40, up 61 cents by 0016 GMT. The front-month price has posted just one weekly rise in the last 14 weeks.

* Brent crude, also set for a seventh weekly loss, settled down 19 cents at $51.15 a barrel on Thursday.

* Brent's premium to U.S. crude CL-LCO1=R fell near $2 a barrel, the narrowest since October.

* Saudi Arabia and its Gulf OPEC allies are showing no sign of considering cutting output to boost oil prices, even though they dipped below $50 a barrel this week.

* Mexico’s state oil company, Pemex, said on Thursday it has proposed an oil swap with the United States, potentially ushering in the first sustained crude imports by Mexico from its northern neighbour after years of self-sufficiency.

* U.S. Senate Republicans on Thursday advanced a bill to approve construction of the Keystone XL oil pipeline, their top priority in a new campaign to push back President Barack Obama’s policies now that they fully control Congress.

* Record-breaking cold gripped the U.S. East and Midwest on Thursday.

* Some of the world’s largest oil traders have this week hired supertankers to store crude at sea, marking a milestone in the build-up of the global glut.

MARKETS NEWS

* Global equity markets surged and the dollar hit a nine-year high on Thursday, lifted by the Federal Reserve’s confidence in the U.S. economy and hopes of aggressive new stimulus in Europe.

* The number of Americans filing new claims for unemployment benefits fell last week and job cuts declined sharply in December, suggesting the labour market is tightening.

* Euro zone economic sentiment was unchanged in December against the previous two months, data showed on Thursday, as a more upbeat end-of-year mood in the services and retail sectors and among consumers was offset by a gloomier industry.

DATA/EVENTS

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

0130 China PPI YY Dec

0130 China CPI YY Dec

0130 China CPI MM Dec

1330 U.S. Non-Farm Payrolls Dec

1330 U.S. Unemployment Rate Dec

2030 U.S. CFTC commitment of traders data Weekly

Reporting by Florence Tan; Editing by Joseph Radford

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