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NYMEX-U.S. crude slips under $100 on milder weather, inventories

Monday, 10 Feb 2014 | 7:56 PM ET

SINGAPORE Feb 11 (Reuters) - U.S. oil futures slipped under $100 per barrel on Tuesday following a drop in heating oil prices as the possibility of milder weather next week curbed demand and raised the prospect of an end to a long winter.

U.S. government data is expected to show a 3 million barrel increase in crude oil inventories, according to a Reuters poll of traders and analysts.

Investors are also awaiting direction on the course of the Federal Reserve's monetary policy when Janet Yellen, the central bank's new chief, briefs U.S. lawmakers this week.

FUNDAMENTALS

* U.S. crude for March delivery was down 12 cents to $99.94 by 0033 GMT after closing at $100.06 on Monday.

* March Brent crude, which fell 94 cents on Monday to $108.63, had yet to start trading.

* U.S. crude oil inventories were expected to have risen by 3 million barrels last week to more than 361 million barrels, a preliminary Reuters poll of analysts showed.

* Oil production from key U.S. shale deposits are expected to rise in February and March, according to forecasts issued by the Energy Information Administration issued on Monday.

* Enterprise Oil, the largest propane shipper in the U.S., started to increase propane supplies to the Northeast and Midwest on Monday following a mandate by a federal regulator.

MARKETS NEWS

* Asian stock markets settled in for a session of consolidation on Tuesday as investors waited to hear Janet Yellen, the new head of the U.S. Federal Reserve, give her outlook for the economy and policy.

* The dollar wallowed near a two-week low against a basket of major currencies early on Tuesday, after subdued trading in the U.S. markets ahead of Janet Yellen's congressional testimony.

(Reporting By Keith Wallis; Editing by Richard Pullin)