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NYMEX-US crude little changed above $92 in holiday-thinned trade

Thursday, 28 Nov 2013 | 7:59 PM ET

SINGAPORE, Nov 29 (Reuters) - U.S. crude was little changed in holiday-thinned trade on Friday, but prices were set to post their third straight monthly drop amid rising stockpiles in the world's top oil consumer.

Lower shipments from Libya, however, continued to underpin prices. The country's oil exports, which remain disrupted by protesters seizing shipping ports, have been running at a fraction of the levels seen earlier this year of over 1 million barrels per day (bpd).

FUNDAMENTALS

* U.S. crude rose 3 cents to $92.33 a barrel by 0027 GMT. There was no settlement price because of the Thanksgiving holiday in the United States. Brent crude slipped 45 cents to close at $110.86 in the previous session.

* U.S. crude oil output last week exceeded 8 million bpd for the first time since January 1989, according to the U.S. Energy Information Administration. Crude stocks last week rose almost 3 million barrels to 391 million barrels, their highest levels for November since records began in 1982.

* Venezuela's oil minister said on Thursday that OPEC should maintain its current production levels at next week's meeting, and any easing of sanctions on Iran would let the group reorganize itself.

* Libyan oil workers are negotiating with armed protesters blocking oil terminals in the east to reopen the second-largest port as popular frustration grows against militias controlling parts of the country.

* Seaborne oil exports from OPEC, excluding Angola and Ecuador, will rise by 700,000 barrels per day (bpd) in the four weeks to Dec. 14, an analyst who estimates future shipments said on Thursday.

* Iran has invited U.N. inspectors to visit a nuclear-related heavy water facility on Dec. 8, their chief said on Thursday, a first concrete step under a plan to clarify concerns about Tehran's disputed nuclear programme.

* At least two jet fuel cargoes are being shipped to China from the United States, reversing the usual direction of trade in the product, as U.S. refiners make use of cheap domestic crude oil from shale to ramp up runs for export.

MARKETS NEWS

* Asian shares were steady on Friday, with Japanese stocks poised for another strong session as the yen languished at a four-year trough against the euro and six-month low versus the dollar.

DATA/EVENTS

* The following data is expected on Friday:

- 0500 Japan Construction orders

- 0700 Germany Retail sales

- 0745 France Producer prices

- 1000 Euro zone Inflation

- 1000 Euro zone Unemployment rate

- 1200 India Q2 GDP

(Reporting by Manash Goswami; Editing by Himani Sarkar)