NYMEX-Crude down a fifth week on economic worries
* U.S. crude stocks rose last week -EIA
* U.S. jobless claims rise weighs on oil
* Coming up: U.S. May payrolls data 8:30 a.m. Friday
NEW YORK, June 1 (Reuters) - U.S. crude oil futures fell on Friday for the fourth day in a row, hitting their lowest levels in nearly eight months and extending losses to a fifth week, as weak U.S. jobs data, soft Chinese manufacturing and the deepening euro zone crisis sparked a broad market selloff.
All the bleak economic news spurred further oil demand worries just a day after U.S. government data showed that domestic crude stockpiles rose for the 10th straight week last week.
Crude oil futures sank with Wall Street, which dropped more than 2 percent. The Dow industrials average crossed into negative territory for the year.
Jobs growth in the United States, the biggest oil consumer, slowed sharply for a third straight month as only 69,000 jobs were added to nonfarm payrolls in May, less than half the number expected and the smallest rise in a year. The unemployment rate ticked up to 8.2 percent from April's 8.1 percent, Commerce Department data showed.
China's manufacturing sector, as measured by its official purchasing managers' index, fell more than expected to 50.4 in May, the weakest level this year and down from its 13-month high hit in April.
In Europe, France and Germany's manufacturing industries contracted at the fastest pace in three years. The same sectors in Italy, Spain and Greece also weakened. Spain and Greece are also trying to grapple with serious financial setbacks.
* On the New York Mercantile Exchange, crude for July delivery settled at $83.23 a barrel, skidding $3.30, or 3.81 percent. It was the lowest settlement since Oct. 7 when prices ended at $82.98.
* For the week, front-month crude fell $7.63, or 8.4 percent, the biggest loss for a week since the week to Sept. 23 when prices fell 9.2 percent. In five weeks, front-month crude dropped $21.70, or 20.68 percent, the biggest five-week loss since the period to Jan. 18, 2009, when prices fell 21 percent.
* In London, Brent for July delivery settled at $98.43 a barrel, down $3.44, or 3.38 percent. It was the lowest finish for front-month Brent since Jan. 27, 2011, when prices ended at $97.39.
* For the week, front-month Brent fell $8.40, or 7.86 percent, the biggest one-week loss since the week to May 6, when prices ended down 13.3 percent. In five weeks, front-month Brent has slumped $21.40, or 17.86 percent, the biggest five-week decline since the period to June 4, 2010, when prices lost almost 19 percent.
* U.S. crude's discount against Brent narrowed slightly to $15.20, from $15.34 on Thursday. CL-LCO1=R
* NYMEX July RBOB settled at $2.6568 a gallon, falling 6.59 cents, or 3.42 percent, the lowest front-month settlement since Dec. 28, when prices closed at $2.6513. For the week, front-month RBOB fell 23.61 cents, or 8.16 percent, the biggest weekly loss since the week to May 8, 2011, when prices ended down 9.8 percent.
* NYMEX July heating oil settled at $2.6279 a gallon, down 7.53 cents, or 2.79 percent, the weakest close since Jan. 25, 2011, when prices ended at $2.5929. For the week, front month heating oil fell 19.91 cents, or 7.04 percent, the biggest weekly loss since the period to June 14, 2011.
* Money managers cut their net long U.S. crude futures and options positions by 1,771 contracts to 139,168 in the week to May 29, the U.S. Commodity Futures Trading Commission (CFTC) said. [ID: nL1E8H1J2S]
* Speculators in the same week cut their net longs in heating oil futures and options by by 5,762 contracts to 8,124 while they reduced their positions by 671 to 68,487, the weekly CFTC report also showed.
* Nigeria faces fuel shortages as a crackdown on fraud and the government's lack of funds to pay for subsidies has prompted private firms to halt imports, which could trigger unrest and harm the country's faltering economic expansion.
* Citigroup Global Markets lowered its 2013 Brent crude oil price forecast by 17.5 percent to $99 a barrel, from $120, and its 2012 forecast to $115, from $125. It also cut its forecast for U.S. crude by $28 to $85 for next year and by $11 to $95 for this year.
* The dollar fell against the euro and yen after the gloomy jobs report fueled talk that the Federal Reserve may need to take further monetary easing measures to prop up the fragile economy.
* Copper sank to the lowest level this year on heavy volume as global growth prospects worsened after the disappointing U.S. jobs data, adding to pessimistic data from China and Europe.
* Gold leaped 4 percent, its biggest one-day gain in more than three years, as the weak U.S. payrolls report added to fears of a global economic slowdown and spurred talk of further U.S. monetary easing.
* American Petroleum Institute's weekly petroleum inventory data, 4:30 p.m. EST (2030 GMT) Tuesday.
SETTLE NET PCT LOW HIGH CURRENT DAY AGO
CHNG CHNG VOL VOL CLc1 83.23 -3.30 -3.8% 82.29 86.59 389,283 345,433 CLc2 83.56 -3.29 -3.8% 82.63 86.90 73,181 63,774 LCOc1 98.43 -3.44 -3.4% 97.54 101.95 315,151 258,762 RBc1 2.6568 -0.0659 -2.4% 2.6326 2.7214 62,976 11,003 RBc2 2.5944 -0.0732 -2.7% 2.5718 2.6617 38,467 64,676 HOc1 #N/A A24#N/A A24#VALUE! 2.6085 2.7133 70,262 11,952 HOc2 2.6364 -0.0766 -2.8% 2.6171 2.7221 24,917 71,272
TOTAL MARKET VOLUME OPEN INTEREST
CURRENT May 31 30D AVG May 31 NET CHNG CRUDE 708,818 646,060 518,793 1,437,821 -2,142 RBOB 151,010 148,676 156,502 286,496 1,920 HO 152,835 149,863 133,768 318,492 1,319 (Reporting By Gene Ramos and Robert Gibbons)
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