NYMEX-Oil steadies at $60 after sharp drop

PERTH, July 13 (Reuters) - Oil prices steadied at just
above $60 a barrel on Monday, pausing from last week's losses
that came on the back of economic concerns and the global
energy demand outlook.

FUNDAMENTALS

* NYMEX crude CLc1 edged up 16 cents to $60.05 by 2321
GMT. The contract settled down 52 cents at $59.89 on Friday,
adding to losses that set prices down 11 percent last week --
the biggest weekly decline since late January.

* An oil tank blew up at a chemical plant in Urumqi,
capital of northwest China's restive Xinjiang region, on
Sunday, but local police and refinery officials ruled out a
deliberate attack. [ID:nPEK336607]

* A top Nigerian rebel leader is expected to be freed early
this week, his lawyer said on Sunday, but analysts doubt his
release will lead to a significant drop in militant attacks in
Africa's biggest oil sector. [ID:nLC334128]

* Hurricane Carlos weakened to a tropical storm on Sunday
off Mexico's Pacific coast and though it could strengthen into
a hurricane again it is moving west far out to sea, the U.S
National Hurricane Center said. [ID:nN1285373]

MARKETS NEWS

* The Dow industrials and the S&P 500 fell on Friday,
dropping for the fourth straight week, after Chevron Corp
(CVX.N) warned about its quarterly results and consumer
confidence fell to its lowest level since March.
[ID:nN10532552]

* With Wall Street's rally stalled, this week could be
crunch time as big banks' earnings, including Citigroup's
(C.N), roll in and investors scrutinize reams of economic data
for clues on the recovery. [nN12536585]

DATA/EVENTS

* The following data is expected on Monday:

- Japan Industrial output, 1430 local time

- U.S. Federal Budget for June

RELATED NEWS > Oil falls, biggest weekly drop since Jan

[ID:nSP476597] > Stocks, oil sag as U.S. consumer sentiment
sours[ID:nN10593965] > COMMODITIES-Oil leads markets lower on
renewed [ID:nN10534402]

PRICES
Oil prices as of 2319 GMT
Contract Mnth Price Change Day ago pct MA-20*
NYMEX Contracts
US Crude AUG9 $60.05 +0.16 -$0.52 -0.86% $67.71
Heat Oil AUG9 153.14 -0.21 -0.09 -0.06% 172.54
RBOB AUG9 165.50 +0.45 -1.33 -0.80% 187.13
Natgas AUG9 $3.324 -0.049 -$0.035 -1.03% $3.808
ICE Contracts
Brent AUG9 $60.88 +0.36 -$0.58 -0.95% $67.21
Gasoil AUG9 $493.25 +7.50 -$5.00 -1.02% $546.06
Note: U.S. heating oil and RBOB gasoline contracts listed in
cents per gallon.
* = 20-day moving average for continuation month.
(Reporting by Fayen Wong)