NYMEX-Crude slips on worries US economic growth slowed
SINGAPORE, July 30 (Reuters) - U.S. crude futures slipped in early Asian trade on Tuesday as concerns over demand growth revived, while cautious investors waited for the results of this week's U.S. Federal Reserve meeting.
Oil was also under pressure from a recovery in the dollar.
U.S. crude fell 33 cents to $104.22 a barrel by 0007 GMT, declining for a third straight day. Brent futures slipped 3 cents to $107.42, after settling 28 cents up.
- U.S. economic growth probably slowed sharply in the second quarter, but its pace is unlikely to change views that the Federal Reserve will start trimming bond purchases later this year.
- U.S. commercial crude oil stockpiles likely fell last week for a fifth straight week, a Reuters poll of six analysts showed on Monday. The poll forecast that crude stocks fell 2.3 million barrels in the week ended July 26.
- OPEC's petroleum exports jumped in value by almost 10 percent in 2012 year-on-year and the producers' GDP climbed 12 percent, according to the group's latest report, an income surge that looks harder to repeat this year.
- Iraq's oil revival is stalling, and unless momentum is regained, Baghdad will report an output decline for 2013, its first after two years of robust gains, much to the relief of rival Gulf producers.
- Oil is being exported as normal from Libya's two main crude terminals despite protesters demonstrating at their gates, Oil Minister Abdelbari al-Arusi said on Monday.
* MARKETS NEWS
- The dollar drifted off a five-week trough against a basket of major currencies on Tuesday as the euro faltered ahead of chart resistance and a three-day rally in the yen lost a bit of steam.
- U.S. stocks fell on Monday, pulling back before this week's Federal Reserve meeting that could signal when the Fed is going to begin reducing its bond purchases aimed at helping the economic recovery.
* The following data is expected on Tuesday:
- 0600 Germany GfK consumer sentiment
- 0900 Euro zone Business climate
- 1145 U.S. ICSC weekly chain store sales
- 1200 Germany CPI
- 1300 U.S. S&P/Case-Shiller home price index
- 1400 U.S. Consumer confidence
- 2030 U.S. API weekly crude stocks
- N/A FOMC two-day policy meeting begins
(Reporting by Manash Goswami; Editing by Richard Pullin)