NYMEX-U.S. crude rises above $100 to highest in 14 mths
SINGAPORE, July 3 (Reuters) - U.S. crude futures gained more than $1 a barrel on Wednesday, rising above $100 to hit the highest level in 14 months, after industry data showed a surprisingly large drop in crude stockpiles.
U.S. crude inventories fell by 9.4 million barrels in the week through June 28, the American Petroleum Institute said late on Tuesday. Analysts had been expecting a drawdown of 2.3 million barrels in a Reuters poll.
Investors will be looking to verify this data with statistics from the U.S. Department of Energy's Energy Information Administration (EIA) due later on Wednesday.
* U.S. crude futures hit a 14-month high of $100.64 a barrel and were at $100.47, up 87 cents by 0008 GMT.
* Brent crude futures rose 61 cents to $104.61 a barrel, the highest in more than a week.
* The shape of the U.S. crude futures curve shifted sharply on Tuesday, the latest sign of the dramatic changes the North American oil boom is having on trade in the world's biggest market.
* Goldman Sachs Group Inc closed its trading recommendation to buy U.S. crude oil and sell Brent oil on Tuesday, as the closely watched spread between the European and U.S. benchmarks reached its narrowest since early 2011.
* Egypt's army has plans to push Mohamed Mursi aside and suspend the constitution after an all but impossible ultimatum it has given the Islamist president expires in less than 24 hours, military sources told Reuters.
* State-owned Rosneft led the Russian oil industry to another post-Soviet output record in June as it continued ramping up production at eastern fields key to its China ambitions, Energy Ministry data showed.
* Saudi Aramco plans to develop two less productive areas of major oilfields, industry sources said, as Riyadh takes care to maintain excess capacity for the long term, even while non-OPEC oil supplies are on the rise.
* Iran's gas condensate export earnings have nearly doubled in value to $2.42 billion in the three months since the start of the Iranian year on March 21, the director of the Pars Special Economic Energy Zone said.
* Greece has three days to reassure its lenders it can deliver on conditions attached to its international bailout in order to receive the next tranche of aid, four euro zone officials said.
- Japan's Nikkei share average is expected to open higher on Wednesday after the yen fell below the key 100-mark against the dollar, with the market on track for a fifth straight day of gains - the longest winning streak in four months.
* The U.S. dollar hit its highest in a month against the yen and euro on Tuesday while a gauge of global equities fell as U.S stocks reversed course to end slightly lower.
* The following data is expected on Wednesday:
- 0758 GMT EZ Markit Services PMI June
- 1230 GMT U.S. International trade Dec
- 1400 GMT U.S. ISM N-Mfg PMI Dec
- 1400 GMT U.S. ISM N-Mfg Bus Act Dec
- 1430 GMT U.S. EIA weekly crude stocks
- 1430 GMT U.S. EIA weekly dist. stocks
- 1430 GMT U.S. EIA weekly gasoline stk
- 1600 GMT U.S. EIA natural gas stocks
(Reporting by Florence Tan; Editing by Richard Pullin)