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NYMEX-U.S. crude eases; risk premium intact on Ukraine, Gaza

SINGAPORE, July 21 (Reuters) - U.S. crude fell in early Asian trade on Monday after last week's gains, but oil's risk premium on oil is likely remain intact amid geopolitical risks in Gaza and Ukraine.

FUNDAMENTALS

* U.S. crude fell 25 cents to $102.88 a barrel at 0031 GMT. The contract had settled down 6 cents on Friday, but finished the week higher, partly reversing three weeks of losses.

* Brent for September was down 16 cents at $107.08 a barrel after ending 65 cents lower on Friday.

* The trading community is closely watching an intensifying geopolitical crisis between Russia and the West over the downing of a civilian jet in eastern Ukraine last week, which could lead to stricter Western sanctions against Moscow.

* U.S. Secretary of State John Kerry laid out what he called overwhelming evidence of Russian complicity in the shooting down of Malaysia Airlines flight MH17 as international horror deepened over the fate of the victims' remains.

* Western leaders have said they would give Moscow a "last chance" to halt involvement in Ukraine, but Russian President Vladimir Putin appeared to be doing little to get out of it.

* Iran faced Western pressure on Saturday to make concessions over its atomic activities after it and six world powers failed to meet a July 20 deadline for a deal to end the decade-old dispute but agreed to extend talks by four months.

* However, Iran moved to eliminate its most sensitive stockpile of enriched uranium gas under an interim nuclear deal reached with six world powers last year, according to a monthly update by the U.N. nuclear watchdog obtained by Reuters on Sunday.

* Libya's El-Feel oilfield has slightly reduced output due to security problems in the capital Tripoli, a spokesman for National Oil Corp (NOC) said on Friday.

* Gunmen killed 21 Egyptian military border guards near the frontier with Libya on Saturday, highlighting a growing threat from an area that security officials say has become a haven for militants seeking to topple the Cairo government.

MARKETS NEWS

* Asian stock markets inched higher as investors set aside geopolitical concerns to focus on the generally upbeat flow of U.S. corporate earnings.

* Volumes were light, however, with Japanese markets on holiday. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.13 percent.

DATA/EVENTS

The following data is expected on Monday: (Time in GMT)

0600 Germany Producer prices June

0800 Italy Industrial orders May

1230 U.S. National activity index June

(Reporting By Jacob Gronholt-Pedersen; Editing by Richard Pullin)