NYMEX crude down on profit-taking, slowdown worry

NEW YORK, March 17 (Reuters) - U.S. crude oil futures fell Monday as profit-taking hit commodities markets amid concerns about an economic slowdown and continued banking and credit uncertainty.

Oil futures only tumbled after reaching a record near $112 a barrel earlier, lifted by the dollar's continued weakening.

On the New York Mercantile Exchange at 10:12 a.m. EDT (1412 GMT), April crude CLJ8 was down $3.18 or 2.89 percent at $107.03 a barrel, trading as low as $105.11 after earlier reaching a record high $111.80.

In London, May Brent crude LCOK8 was in the front-month spot, down $3.10 or 2.92 percent at $103.10 a barrel, trading from $101.18 to $107.97.

"This market is vulnerable, hedge funds and speculators have gotten ahead of the market," said Stephen Schork, editor of the Schork Report.

Crude speculators on the NYMEX hiked net long positions last week to the highest in more than seven months, according to data from the Commodity Futures Trading Commission released Friday. [ID:nN14592189]

"It looks to me like all the economic concerns are spurring some selling." said Tom Bentz, analyst at BNP Paribas Commodities Futures Inc. "Once the market starts to fall, you trigger the stops and there you go."

Global stocks fell sharply and the dollar tumbled on Monday as a fire sale of Bear Stearns and an emergency Federal Reserve cut of a key lending rate sparked fears that a worldwide credit crisis will claim more casualties. For related stories click: [MKTS/GLOB] [USD/] [.N]

Copper and gold were down sharply, reacting to the broad-based sell-off in global financial markets.

NYMEX April heating oil HOJ8 was down 5.54 cents or 1.76 percent at $3.0911 a gallon, trading from $3.0336 to $3.19. It hit a record $3.2220 on Friday.

The heating oil crack spread was at $22.82 on Monday, after ending at $21.94 on Friday.

NYMEX April RBOB RBJ8 was down 9.73 cents or 3.62 percent at $2.5921 a gallon, trading from $2.5435 to $2.7355.

The gasoline crack spread was lower at $1.74 after ending at $2.74 on Friday. (Reporting by Robert Gibbons; Editing by John Picinich)