SINGAPORE, Oct 8 (Reuters) - U.S. crude eased towards $89 abarrel on Monday, as concerns over the global economy andEurope's debt crisis offset support from an unexpected drop inU.S. unemployment.
FUNDAMENTALS
* NYMEX crude for November delivery
dropped 25 centsto $89.63 a barrel in early Asia trading, after falling nearly$2 the previous session.
* Brent crude
fell 32 cents to $111.70 a barrel.
* The U.S. unemployment rate unexpectedly dropped to 7.8percent in September and reached its lowest level sincePresident Barack Obama took office.
* IMF chief Christine Lagarde praised Gulf oil exporters onSaturday for their help in stabilizing the global economy bymanaging oil prices, despite complaints by some Westerncountries that energy costs are still too high.
* Hedge funds and other large speculators cut their bets onhigher oil prices for the second straight week, the U.S.Commodity Futures Trading Commission said on Friday.
* Turkey returned fire after Syrian mortar bombs landed in afield in southern Turkey on Saturday, the day after PrimeMinister Tayyip Erdogan warned Syria that Turkey would not shyaway from war if provoked.
MARKETS NEWS
* The Group of Seven finance ministers, InternationalMonetary Fund and World Bank meet in Tokyo this week against thebackdrop of a global economy that shows a glint of stability,with a deluge of Chinese data due in the coming days at bestexpected to confirm that.
* German Chancellor Angela Merkel will make her first visitto Greece this week since the euro zone debt crisis erupted, ina show of support for Athens after it said it would run out ofmoney at the end of November without fresh international aid.
* A disappointing rebound in U.S. housing continues to tripup the country's overall economic recovery, two influentialFederal Reserve officials said on Friday, highlighting a cornerof the economy that still frustrates monetary policymakers.
* German industrial orders dropped in August as a slide indomestic demand outweighed an improvement in euro zonecontracts, denting hopes that domestic appetite will sustaingrowth in Europe's largest economy.
DATA/EVENTS
* The following data is expected on Monday:
1000 Germany Industrial output mm Aug
(Reporting by Randy Fabi)
((Randolph.Fabi@thomsonreuters.com; +65 6870 3803; ReutersMessaging: randolph.fabi.thomsonreuters.com@reuters.net))
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