NYMEX-Crude rises on expected U.S. inventory fall
SINGAPORE, July 16 (Reuters) - U.S. crude futures rose in early Asian trade on Tuesday as forecasts of a further fall in inventories in the world's biggest oil consumer renewed hopes of a revival in demand growth.
U.S. commercial crude oil stocks likely fell for a third consecutive time last week, a Reuters poll of eight analysts showed on Monday.
The poll, taken before weekly inventory reports from the American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA), forecast that crude stocks fell 2.0 million barrels on average for the week ending July 12.
U.S. crude had risen 23 cents to $106.55 a barrel by 0020 GMT, after settling 37 cents higher. The contract is less than a dollar away from this year's high of $107.45 touched on July 11. Brent gained 4 cents to $109.13.
- The Asian Development Bank (ADB) said on Tuesday it has lowered its growth forecasts for developing Asia this year and the next as a softer outlook for the world's second-biggest economy China meant subdued economic activity elsewhere in the region.
- Oil production in North Dakota topped 800,000 barrels per day for the first time ever in May, the state regulator said on Monday, adding that output this summer will exceed earlier expectations as firms clear a backlog of wells waiting to be fracked.
- Cash crude differentials in the United States strengthened on Monday, reacting to a trans-Atlantic spread that widened intraday before ending narrower, traders and brokers said.
- Police fired tear gas in central Cairo on Monday when protesters calling for the reinstatement of the ousted Islamist president, Mohamed Mursi, scuffled with drivers and passers-by annoyed that they had blocked major roads.
* MARKETS NEWS
- Citigroup's strong earnings helped the S&P 500 end higher on Monday for an eighth straight day, the longest such streak since mid-January, though weak retail sales limited gains in a session with the lowest volume of the year.
The following data is expected on Tuesday:
- 0900 Euro zone Eurostat trade
- 0900 Germany ZEW economic sentiment
- 1145 U.S. ICSC weekly chain store sales
- 1230 U.S. CPI
- 1255 U.S. Redbook weekly retail sales
- 1315 U.S. Industrial output
- 1400 U.S. NAHB housing market index
- 2030 U.S. API weekly crude stocks
(Reporting by Manash Goswami; Editing by Joseph Radford)