ICE Brent jumps more than $1 as dollar eases

LONDON, Nov 23 (Reuters) - Brent crude oil LCOc1 rose more
than $1 per barrel on Monday to above $78, supported by a rise
in other commodities and dollar weakness.

Oil prices and the dollar tend to be inversely correlated as
a strong dollar makes many commodities more expensive for those
holding other currencies.

"We are still stuck in a firm range," said Clive Lambert,
chart analyst at FuturesTechs. "The front month Brent has been
stuck between $75 and $81 for well over a month now."

"We still expect this range to be resolved with an upside
move, but pre-empting this sort of move is a bit thankless."

Several chart analysts see the potential for a move up
towards $90 or $91 per barrel before the end of the year.

BRENT PRICES

* January Brent up $1.10 at $78.30 a barrel by 1312 GMT.

* The January/February Brent spread was 76 cents.

* January Brent traded at a discount of 7 cents per barrel
to January U.S. light sweet crude oil CLc1.

GAS OIL PRICES

* December gas oil LGOc1 up $9.25 at $618.50 a tonne.

* December gas oil traded at a discount of $12.00 per tonne
to January gas oil.

TECHNICALS

* Brent support at $75.00 a barrel, resistance at $80.00
then $81.00.

* Gas oil support at $605.50, resistance at $645.50.

OTHER MARKETS

* European equities bounced back on Monday after falling for
four straight sessions, with investors' risk appetite rising and
record high gold and stronger crude oil and base metals prices
boosting commodity shares. [.EU]

* The dollar fell broadly on Monday after dovish comments
from a U.S. Federal Reserve official added weight to
expectations that U.S. monetary policy would stay ultra-loose
for a prolonged period. The dollar slipped to a six-week low
against the yen and the euro gained more than three quarters of
a percent against the greenback. [.DXY]

FUNDAMENTALS

* Iran's oil Minister said on Sunday that the increase of
crude production by non-OPEC countries has had an adverse impact
on oil prices, the official IRNA news agency reported.
[ID:nHAF244786]

* UK explorer Heritage Oil (HOIL.L) has agreed to sell its
Ugandan interests to Italy's Eni (ENI.MI) for up to $1.5
billion, enabling Heritage to back out of a planned Kurdish
tie-up which Iraqi political disputes made increasingly
unattractive. [ID:nGEE5AM07K]

* Reuters subscribers can access a database on oil
fundamentals at the following link:

here

DATA/EVENTS

* 1330 GMT - U.S. National Activity Index

* 1500 GMT - U.S. Existing Home sales

(Reporting by Christopher Johnson; editing by William Hardy)
((christopher.johnson@thomsonreuters.com; +44 207 542 6056;
Reuters Messaging: christopher.johnson.reuters.com@reuters.net))

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