NYMEX-Crude steady after 3 pct fall on US jobs data

Reuters - July 8th, 2012

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FUNDAMENTALS

* NYMEX crude for August delivery was down 6 cents at $84.39 a barrel by 2317 GMT, after settling down $2.77 at $84.45 on Friday.

* London Brent crude for August delivery was up 10 cents at $98.29 a barrel, after settling down $2.51. U.S. crude posted a 51 cent weekly loss last week, but an oil-workers strike in Norway and rising tensions over Iran's disputed nuclear program allowed Brent crude prices to record a 39 cent weekly gain in settlement.

* Negotiations between Norway's offshore oil workers and employers over pay and pensions failed for a third time on Sunday, risking a total shutdown of oil and gas production from Tuesday, both sides involved in the talks said. The Norwegian oil industry association (OLF) and labour unions said they could not agree on an early retirement option for about 7,000 offshore workers, the main sticking point in the dispute.

* Operations were returning to normal in the Russian Black Sea port of Novorossiisk on Sunday after a sudden flood that forced the major export outlet for oil and wheat to suspend loadings, a spokesman for the port operator and export pipeline said.

* Three major oil exporting terminals in eastern Libya shut down by political protests last week have restarted and some of the production blocked by the move has resumed, the chairman of Libya's National Oil Corporation (NOC) said on Sunday.

* Yemen will resume oil exports from its Maarib province by next week following violence which halted shipments for over a year and led to losses of up to $15 million a day, Yemen's oil minister said on Saturday.

* Bad weather stopped crude exports from Iraq's southern Basra terminals on Sunday, a shipping source and an oil official said.

* The Commitments of Traders reports from the U.S. Commodities Futures Trading Commission has been delayed until Monday at 3:30 p.m.

">FUNDAMENTALS* NYMEX crude for August delivery was down 6 cents at $84.39 a barrel by 2317 GMT, after settling down $2.77 at $84.45 on Friday.* London Brent crude for August delivery was up 10 cents at $98.29 a barrel, after settling down $2.51"EDT (1930 GMT) due to last week's U.S. Independence Day holiday.

MARKETS NEWS

* Wall Street has been running in circles for the past two months, and the pattern may continue despite the upcoming start of the earnings season. U.S. stocks face headwinds from a slowing global economy. Europe's debt crisis has drawn much of the attention, but little clarity has emerged about how the euro zone's debt and banking problems will be fixed.

* The euro fell close to a two-year low against the dollar on Monday as the U.S.

jobs report added to concerns that Europe's debt crisis is weighing on U.S. economic growth and stoked strong risk aversion and a flight to safe havens.

DATA/EVENTS

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

- 2350 Japan Machinery Orders/May

- 1400 US Employment Trends (Reporting by Osamu Tsukimori; Editing by Richard Pullin)

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