NYMEX-Crude drops by more than $1 on Cyprus concerns
TOKYO, March 18 (Reuters) - U.S. crude dropped by more than $1 to below $93 a barrel early on Monday, wiping out gains seen over the past two sessions, as the dollar firmed after an unusual bailout proposal for Cyprus rattled investors.
* NYMEX crude for April delivery, which expires on Wednesday, was down $1.04 at $92.41 a barrel by 0017 GMT, after dropping to as low as $92.32 earlier in the session.
* Brent crude for May delivery was down 86 cents at $108.96 a barrel, after falling to as low as $108.55 earlier.
* In a radical departure from previous aid packages, euro zone finance ministers want Cyprus savers to forfeit a portion of their deposits in return for a 10 billion euro ($13 billion) bailout for the island, which has been financially crippled by its exposure to neighbouring Greece.
* The euro skidded lower in Asia early on Monday as the bailout plan raised worries of setting a dangerous precedent that at worst could ultimately risk bank runs elsewhere in the region. The dollar index rose 0.7 percent.
* The Obama administration has imposed sanctions on Iranian companies it says provide insurance services to the country's main petroleum shipper, part of the latest U.S. effort to choke funding to the Iran's disputed nuclear program.
* Gabon's oil workers' union said on Sunday it had suspended a week-long strike following talks with the government over improving working conditions. Oil companies operating in Gabon, one of Africa's largest crude oil producers, said the strike did not affect output.
* Exxon Mobil Corp warned of planned flaring at its 149,500-barrel-per-day (bpd) refinery in Torrance, California, according to a filing with state pollution regulators on Saturday.
* The yen firmed and Asian shares slipped on Monday after the bailout proposal for Cyprus, while Friday's halt to Wall Street's long winning streak further hit sentiment.
* U.S. stocks slipped on Friday, ending the Dow Jones industrial average's longest winning streak since 1996 as investors paused just below the S&P 500's record high.
* The following data is expected on Monday: (Time in GMT)
- 1000 Euro Zone Eurostat trade Jan
- 1400 U.S. NAHB housing market index March
(Reporting by Osamu Tsukimori; Editing by Himani Sarkar)