NYMEX-Oil slips on rising supplies, forecast fall in stocks support
SINGAPORE, Aug 6 (Reuters) - U.S. crude futures slipped in early Asian trade on Tuesday as supply risks from key producers such as Libya abate, but a forecast fall in crude stockpiles in the world's biggest oil consumer stemmed losses.
U.S. crude fell 8 cents to $106.48 a barrel by 0012 GMT, sliding for a third day. Brent crude gained 3 cents to $108.73 a barrel after ending 25 cents lower.
- U.S. commercial crude oil and gasoline stockpiles are forecast to have fallen last week, while distillate inventories likely rose, a preliminary Reuters poll showed.
- Libya's oil output has improved to around 700,000 barrels a day and the government is working to end protests at oil facilities, Oil Minister Abdelbari al-Arusi said.
- The North Sea's Buzzard oilfield was expected to begin a restart on Monday, on schedule, after a five-day maintenance shutdown of the Forties oil pipeline, an industry source said.
- The pace of growth in the U.S. services sector accelerated in July, picking up from a three-year low as new orders surged to their highest level in five months.
- The Federal Reserve is nearer to dialing back its massive bond-buying program after the unemployment rate dropped last month, a top Fed official said on Monday, the second to make that point in as many trading days.
* MARKETS NEWS
- The Dow and the S&P 500 dipped on Monday in the thinnest volume so far this year, following their record closing highs last week as a lack of major news left the market directionless.
- Sterling held on to gains early on Tuesday having risen broadly on the back of a survey that gave hope the UK economy is recovering, while the Australian dollar dangled precariously near a 3-year low ahead of an expected interest rate cut.
The following data is expected on Tuesday:
- 0800 Italy Industrial output
- 0900 Italy Q2 GDP
- 1000 Germany Industrial orders
- 1145 U.S. ICSC weekly chain store sales
- 1230 U.S. International trade
- 1400 U.S. U.S. IBD/TIPP consumer confidence
- 2030 U.S. API weekly crude stocks
(Reporting by Manash Goswami; Editing by Richard Pullin)