UPDATE 7-Oil price dips before U.S. crude inventory data

* U.S. to overtake Russia as top oil producer by 2019 -IEA

* U.S. crude inventories seen up in latest week (Updates prices, adds quotes)

NEW YORK, Feb 27 (Reuters) - Oil fell by $1 on Tuesday, after four consecutive days of gains, in anticipation of weekly data that is forecast to show rising U.S. crude inventories.

Brent crude futures slid 99 cents to $66.51 a barrel by 11:55 a.m. Eastern time (1655 GMT), while U.S. West Texas Intermediate crude fell $1.037 to $62.84.

"We got a little extended on the upside - we had a price advance of more than 6 dollars a barrel in crude in less than 2 weeks," said Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates. "And now I think we have some money managers taking profits ahead of the API and EIA data."

The American Petroleum Institute releases its weekly figures on U.S. crude inventories on Tuesday at 4:30 p.m. EST. Stocks are forecast to have risen by 2.7 million barrels last week, according to a Reuters poll.

Inventories have fallen by more than 100 million barrels, or a quarter, in the last 12 months, to their lowest in three years. Seasonally, stocks tend to build in the first three months of the year.

The United States Energy Information Administration (EIA) releases its weekly inventory data on Wednesday. It will also be releasing its monthly report on crude supply, which analysts expect to include substantial upward revisions to U.S. oil output.

Soaring U.S. production is upending global oil markets at a time when other major producers - members of OPEC and Russia - have been withholding output.

The United States will overtake Russia as the world's biggest oil producer by 2019, International Energy Agency (IEA) Executive Director Fatih Birol said on Tuesday.

"U.S. shale growth is very strong... The United States will become the No.1 oil producer sometime very soon," he said.

U.S. output was 10.27 million barrels per day (bpd), according to government data released on Thursday, higher than the latest figures for the world's largest exporter Saudi Arabia and just below Russia.

"It is likely that the ... monthly data will show U.S. crude oil production in December about 200,000-300,000 bpd above what was estimated in the weekly reports," Petromatrix analyst Olivier Jakob said in a note.

A steadier dollar also undermined the crude oil market. A stronger greenback can encourage investors to book profits on their holdings of dollar-priced commodities, stocks or bonds.

Stocks also slipped Tuesday. "Were getting a little softening in the stock markets in response to some of the Fed comments," said Ritterbusch. "Thats enough to take us down a notch. Well see tomorrow what the EIA data says."

(Additional reporting by Amanda Cooper, Henning Gloystein, and Osamu Tsukimori Editing by Edmund Blair and Chris Reese)