NYMEX-Oil gains ground towards $96/bbl as dollar rally halts
TOKYO, June 11 (Reuters) - U.S. oil edged higher on Tuesday, supported by a halt in the rise of the U.S. dollar, partly reversing a fall in the previous session due to demand concerns after weak China data.
* NYMEX crude for July delivery was up 7 cents at $95.84 a barrel by 0002 GMT, after settling 26 cents lower at $95.77 on Monday.
* The contract hit a three-week high of $96.39 on Friday, recovering from a one-month low of $91.26 hit on June 3.
* Brent settled Monday 61 cents lower at $103.95 a barrel.
* The dollar pared recent gains after rising sharply on Monday, bolstered after Standard & Poor's revised higher the U.S. government's sovereign credit outlook. Oil prices tend to move in the opposite direction to the dollar.
* U.S. commercial crude oil stockpiles were expected to have risen last week on higher imports, according to a Reuters poll of five analysts, taken before weekly inventory reports from the American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA).
* Estimated global reserves of oil in shale rock deposits will boost total world crude resources by 11 percent, a U.S. government report said on Monday, offering a preliminary glimpse of the hydrocarbons that remain untapped across the world.
* OPEC and the International Energy Agency (IEA) will release their monthly global oil demand reports on Tuesday.
* Libya's Marsa El Hariga terminal has been shut for over 20 days, its operator said on Monday, while a worker said Zueitina, a second oil terminal, had also closed because of protests two days earlier.
* Insurgents attacked cities across Iraq on Monday with car bombs, suicide blasts and gun battles that killed more than 70 people in unrest that has deepened fears of a return to civil war.
* If there is an issue at the core of Iran's presidential election next month, it is whether the next president can jump start the economy and ease the deep financial pressures facing the majority of Iranians.
* The United States could decide as early as this week whether to arm Syrian rebels, U.S. officials said on Monday, as Secretary of State John Kerry put off a Middle East trip to attend meetings on the subject.
* The Bank of Japan will consider further steps to curb any future spike in bond yields when it debates policy on Tuesday, with recent market turbulence threatening to derail its radical stimulus plan that relies heavily on boosting confidence to foster growth and end chronic deflation.
* The yen eased in early Asian trade on Tuesday with investors wary ahead of the outcome of the Bank of Japan policy meeting on the off-chance that it might announce additional easing measures.
* U.S. stocks ended little changed in weak volume on Monday, pausing after the previous session's strong gains and getting only a brief boost when the United States' credit outlook was revised to stable from negative.
* The following data is expected on Tuesday: (Time in GMT)
1145 U.S. ICSC chain stores yy Weekly
2030 U.S. API weekly crude stocks
2030 U.S. API weekly dist. stocks
2030 U.S. API weekly gasoline stk
(Reporting by Risa Maeda; Editing by Richard Pullin)