NYMEX-Oil extends fall towards $104, still heading for weekly gain
TOKYO, July 12 (Reuters) - U.S. crude futures extended falls toward $104 a barrel on Friday, weighed down by profit-taking after hitting a 15-month high above $107 a day earlier, though still on course for a third weekly gain.
* NYMEX crude for August delivery was down 46 cents at $104.45 a barrel by 0016 GMT. It settled down $1.61 at $104.91 on Thursday, pressured by a temporary closure of the Seaway pipeline that ships crude from Cushing to the Gulf Coast. Flows on the Seaway pipeline have resumed.
U.S. oil gave up about $2 of the $2.99 jump recorded on Wednesday after government data showed the biggest two-week decline on record in U.S. crude stockpiles. But it is still set for a third-weekly gain of about 1 percent.
* London Brent crude for August delivery was down 41 cents at $107.32 a barrel, after settling down 78 cents at $107.73.
* Also adding pressure was the closure of one of two small crude distillation units for a planned overhaul at BP's 405,000 barrel per day (bpd) Whiting, Indiana, refinery, which will reduce inland crude oil demand.
* The North American shale oil boom could spur the biggest rise in non-OPEC supply growth in decades next year, helping meet strong global demand and eroding the market share of OPEC countries, the International Energy Agency (IEA) said on Thursday.
* U.S. stocks closed at record highs on Thursday. The Dow Jones industrial average rose 169.26 points or 1.11 percent, to 15,460.92. The S&P 500 gained 22.4 points or 1.36 percent, to 1,675.02
* The U.S. dollar fell to multi-week lows against the euro and yen on Thursday as traders scaled back expectations that the Federal Reserve will slow its asset purchases in the coming months.
* The following data is expected on Friday: (Time in GMT)
- 0900 Euro zone Industrial production
- 1230 U.S. Producer prices
- 1355 U.S. Univ of Michigan consumer sentiment
(Reporting by Osamu Tsukimori; Editing by Ed Davies)