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NYMEX-U.S. crude climbs as China data boosts outlook for demand

Sunday, 1 Dec 2013 | 7:26 PM ET

TOKYO, Dec 2 (Reuters) - U.S. crude extended gains on Monday after data from China over the weekend showed industrial activity in the world's No.2 crude buyer remained high despite worries the economy is facing a modest slowdown.

FUNDAMENTALS

* NYMEX crude for January delivery was up 31 cents at $93.03 a barrel by 0015 GMT, after settling up 42 cents on Friday.

* London Brent crude for January delivery had risen 51 cents to $110.20 a barrel, after finishing down $1.17 in the last session.

* China's factory growth held at an 18-month high in November on firm domestic and foreign demand, the official Purchasing Managers' Index showed on Sunday, defying expectations the economy faces a modest slowdown as 2013 draws to a close.

* Oil exports from anywhere in Iraq to Turkey need the central government's approval, Baghdad and Ankara said on Sunday after a bilateral meeting aimed at diffusing a row over energy exports from Iraq's autonomous Kurdish region.

* Envoys of Iran and six world powers will meet next week to start working out steps to implement a deal under which Tehran is to curb its nuclear programme in return for some respite from sanctions, a top Iranian negotiator said.

* OPEC's oil output fell in November, remaining below 30 million barrels per day for a second month, a Reuters survey found, due to strikes and protests in Libya and further reductions in Saudi Arabian output.

* Ample petroleum supplies boosted by the U.S. shale oil revolution and anaemic demand growth are expected to pressure crude oil prices next year, a Reuters poll of analysts forecast.

MARKETS NEWS

* Commodity currencies were the star performers early in Asia on Monday in what would otherwise have been a featureless start to a heavy week of central bank policy meetings.

* The Dow and the S&P 500 dipped in thin holiday trading on Friday, but technology stocks helped lift the Nasdaq to a 13-year high.

DATA/EVENTS

* The following data is expected on Monday:

0145 China HSBC Final Manufacturing PMI

0843 Italy Markit/ADACI Manufacturing PMI

0848 France Markit Manufacturing PMI

0853 Germany Markit/BME Manufacturing PMI

0858 Euro zone Markit Manufacturing PMI

1500 U.S. ISM Manufacturing PMI

1500 U.S. Construction spending

(Reporting by James Topham; Editing by Joseph Radford)