NYMEX-Crude jumps above $50 on Fed action, dollar
* Crude futures hit 2009 intraday high
* Dollar hit by broad sell off
NEW YORK, March 19 (Reuters) - U.S. crude oil futures rose on Thursday, pushing above $50 a barrel to a 2009 intraday high on the U.S. Federal Reserve's move to pump another $1 trillion into the U.S. economy.
"Crude and products futures increased sharply overnight on moderate volume after the Federal Reserve announced plans to spend more than $1 trillion ...," Addison Armstrong, analyst at Tradition Energy in Stamford, Connecticut, said in a report.
"Copper futures, which have shown a tight correlation with crude all year, are also surging higher," Armstrong added.
The Fed Wednesday said it will spend $1 trillion buying long-term government debt and expanding its mortgage bond purchases. [ID:nN18522055]
Copper jumped more than 5 percent to a four-month high on hopes demand for the metal would revive. [ID:nLJ407972]
Crude oil's jump above $50 comes a day after futures were pressured intraday by oil inventory data from the U.S. Energy Information Administration showing crude supplies rose more than expected last week to the highest level since June 2007.
Gasoline supplies rose sharply, running counter to a forecast for a draw. [EIA/S]
The EIA will release natural gas storage data at 10:30 a.m. EDT (1430 GMT). Forecasts called for storage to be down 28 billion cubic feet last week.
* On the New York Mercantile Exchange at 10:01 a.m. April crude CLJ9 was up $2.67, or 5.55 percent, at $50.81 a barrel, trading from $48.78 to $52.25, the highest intraday price since $54.62 on Dec. 1, 2008.
* The April crude oil contract expires Friday.
* In London, May Brent crude LCOK9 was up $2.77, or 5.81 percent, at $50.43 a barrel, trading from $48.16 to $51.64.
* NYMEX April RBOB RBJ9 rose 5.96 cents, or 4.36 percent, to $1.4253 a gallon, trading from $1.3750 to $1.4653.
* NYMEX April heating oil HOJ9 rose 8.29 cents, or 6.56 percent, to $1.3469 a gallon, trading from $1.2795 to $1.3855.
* The April/April RBOB crack spread <0#RB-CL=R> was at $9.06 after ending at $9.22 on Wednesday. The April/April heating oil crack spread <0#CL-HO=R> was at $5.82 after ending at $4.95 on Wednesday.
* The spread between the current front month and the five-year forward crude contract CLc61 was at $19.34, based on the April 2014 contract's Wednesday settlement at $70.15. The spread ended at $22.01 on Wednesday.
NYMEX crude 10-day/20-day moving average: $46.84/$44.45
NYMEX crude: $46.60/$51.20
NYMEX heating oil: $1.1925/$1.3130
NYMEX RBOB: $1.3125/1.4640
For a report on technicals click [ID:nLJ414957]
* The dollar extended a sell-off on Thursday following its biggest one-day loss against a basket of currencies since at least 1985 after the Fed stunned investors by announcing it would buy Treasury debt. [USD/]
* The number of U.S. workers drawing state unemployment benefits scaled another record high early this month, the Labor Department said. But the number of people filing new claims fell to a seasonally adjusted 646,000 in the week ended March 14. The prior week's number was revised up to 658,000 from 654,000. [ID:nN18440590]
* Oil prices should not drop under $60 a barrel if investment is to be maintained and not be above $75 if economic growth is to be sustained, said ENI (ENI.MI) Chief Executive Officer Paolo Scaroni on Thursday. [ID:nWLA0267] (Reporting by Robert Gibbons; Editing by John Picinich)
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