GLOBAL MARKETS: Euro zone crisis hits euro, stocks for 3rd day
NEW YORK, July 12 (Reuters) - The euro and stocks fell for
a third day on Tuesday as moves by officials to stem the European debt crisis failed to allay concerns that the risk was spreading to Italy and Spain.
"Caution is clearly warranted given all the possible outcomes of these events," said Gibson Smith, co-chief executive officer of fixed income at Janus Capital Group in Denver.
OIL: Oil rises on the intraday dollar slip, technicals
NEW YORK, July 12 (Reuters) - Oil rose on Tuesday, shaking off two days of losses to turn positive on the dollar's intraday weakness and supportive technicals.
"Today's oil trade hitched a ride on the strong rebound in the euro and U.S. stock market," Jim Ritterbusch, president at Ritterbusch & Associates in Galena, Illinois, said in a note.
Saudi oil output 9.8 mln bpd in June-Gulf delegate
DUBAI, June 12 (Reuters) - Saudi Arabia produced more than 9.8 million barrels of oil per day in June, a senior OPEC Gulf delegate told Reuters on Tuesday, in a sign the world's largest crude exporter sharply raised output despite an emergency stock release by consumer nations.
Production of 9.8 million barrels per day (bpd) would mark the highest monthly figure this year and an increase of as much as 900,000 bpd from the previous month based on a Reuters survey of May output.
US trade gap surges to nearly 3-year high on oil
WASHINGTON, July 12 (Reuters) - The U.S. trade gap widened sharply in May to its highest level in nearly three years as surging oil prices helped push imports to a near record and exports fell slightly from April's all-time high.
The trade deficit totaled $50.2 billion, the highest since October 2008, and well above the consensus estimate of $44 billion from Wall Street analysts surveyed before the report, a Commerce Department report showed on Tuesday.
Oil release could erase euro's rate support
LONDON, July 12 (Reuters) - A release of strategic oil reserves by the International Energy Agency could eat away the euro's favourable interest rate differentials over the U.S. dollar by subduing crude prices in the near term and easing inflationary pressures.
Currencies of oil-exporting countries such as the Canadian dollar and the Norwegian crown could also suffer while the high-yielding, commodity-linked Australian dollar , if lower energy prices reduce the need for central banks that target inflation to raise interest rates.
NATURAL GAS: Natural gas ends up for 3rd day, backed by heat
NEW YORK, July 12 (Reuters) - Front-month U.S. natural gas futures ended higher on Tuesday for a third straight day, as a scorching heatwave covering the eastern half of the country continued to boost demand despite comfortable supplies.
"We've got a good forecast for heat going forward, but we're still in a range between $4 and $4.50," a Massachusetts trader said, noting most nuclear plants are back in service after planned spring maintenance, easing demand for gas.
EURO COAL: Aug S.African trades at $114.75/T
LONDON, July 12 (Reuters) - Prompt physical coal prices moved up fractionally by around 10 cents on Tuesday in line with crude's gains, having opened lower.
"The market has been typically summer quiet but it's looking softer despite making a bit of a gain on the day. (There's) not a lot of buying in Europe," one European trader said.
COMMODITIES: Oil, grains surge on dlr, USDA; sugar at record high
NEW YORK, July 12 (Reuters) - U.S. crude oil posted its largest gain in two weeks on Tuesday as the dollar fell, and wheat prices advanced their most in two months after the U.S. government estimated grain stocks at below market forecasts.
"Today's oil trade hitched a ride on the strong rebound in the euro and U.S. stock market," Jim Ritterbusch, president at Ritterbusch & Associates in Galena, Illinois, said in a note.
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