Brent slips towards $103 on demand worries; weak dollar aids
* Dollar wallows near four-month lows, supporting commodities
* U.S. East Coast gasoline stocks at highest since Feb 2012
* Coming Up: U.S. Retail sales for May; 1230 GMT
SINGAPORE, June 13 (Reuters) - Brent futures slipped towards $103 a barrel on Thursday as a jump in gasoline stocks in the United States with the summer driving season already underway stoked worries about demand, but a weak dollar helped stem the slide.
The U.S. dollar wallowed at a near four-month low against a basket of major currencies as investors cut bullish positions amid uncertainty over whether the Federal Reserve will pare back its stimulus programme. That has helped cushion oil even though the market is fundamentally weak.
Brent crude slipped 21 cents to $103.28 a barrel by 0309 GMT, after settling 53 cents higher. U.S. oil fell 34 cents to $95.54, after ending 50 cents higher.
"The dollar is providing support to oil," said Ken Hasegawa, a commodity sales manager at Newedge Japan. "Fundamentally, prices should go down because demand in weak. China and Europe are not doing good, while oil supplies are ample."
Hasegawa expects Brent to trade between $100 and $105 a barrel over the next few days, and U.S. oil between $92 and $97.
Gasoline stocks on the U.S. East Coast rose to their highest level since February 2012 last week. Inventories on the heavily populated East Coast jumped 2.9 million barrels to 63.8 million barrels, offsetting a slight drawdown elsewhere in the country, data from the U.S. Energy Information Administration showed.
The EIA data also showed a build in crude oil inventories, of 2.5 million barrels compared with a Reuters forecast of a 700,000 barrel draw.
The EIA data further adds to a weak global demand outlook, already flagged by key reports earlier this week.
The International Energy Agency (IEA) said modest economic growth was limiting oil demand worldwide, and that some developed economies would see absolute declines in oil consumption in 2013.
In China, the world's No. 2 oil consumer, weaker economic growth and lower than previously forecast consumption data support the view that demand is weakening, it said.
Both the OPEC and the U.S. Energy Information Administration (EIA) cut their global oil demand growth forecasts on Tuesday.
Brent may edge up to $104.26 per barrel, as indicated by its wave pattern and a Fibonacci retracement analysis, while U.S. oil may climb up to $97.04, according to Reuters technical analyst Wang Tao.
(Editing by Himani Sarkar)