NYMEX-US oil to post biggest weekly loss in a month, supply woes ease

SINGAPORE, July 4 (Reuters) - U.S. crude futures are set to post their biggest weekly loss in a month on receding worries about supply from Libya and Iran, although expectations of an improvement in the outlook for demand in the world's top oil consumer checked losses.

The benchmark rose 3 cents to $104.09 by 0058 GMT, after ending lower for a sixth straight day in its longest losing streak since May 2012. It is on track for a 1.6 percent weekly loss, the most since a similar drop in late May.

Brent crude rose 3 cents to $111.03, but is set to lose nearly 2 percent this week, the most since early January.


U.S. employment growth jumped in June and the jobless rate closed in on a six-year low, decisive evidence the economy was growing briskly heading into the second half of the year.

Iran has reduced demands for the size of its future nuclear enrichment programme in talks with world powers although Western governments are urging Tehran to compromise further, Western diplomats said on Thursday.

Iraq's autonomous Kurdish region has hit back at Baghdad over independent oil exports, a letter from the Kurdistan Regional Government showed, threatening to counter sue the central government for trying to block sales.

Militants from the Islamic State group seized control of Syria's largest oil field from rival Islamist fighters on Thursday, strengthening its advance across the eastern Deir al-Zor province, an opposition monitoring group said.


Asian shares and the dollar firmed on Friday, catching a lift from U.S. stocks' surge to record highs after U.S. jobs data showed the lowest unemployment rate in six years and underscored the strength of the economic recovery.

The global economy ended the first half on a high as business activity picked up in June, with new orders pouring in at their fastest rate in over three years, a survey showed.


The following data is expected on Friday: (Time in GMT)

0600 Germany Industrial orders May

U.S. markets shut for Independence Day holiday

(Reporting by Manash Goswami; Editing by Himani Sarkar)