* U.S., Japan slowdown seen as negative for oil demand
* Coming Up: API U.S. petroleum inventory report; 2030 GMT
* For a technical view, click: []
(Recasts, adds dollar/yen, updates prices)
By Alejandro Barbajosa
SINGAPORE, Aug 17 (Reuters) - Crude rose from a one-month
low on Tuesday as a weaker dollar edged out concerns about the
pace of global economic recovery and U.S. petroleum inventory
data.
U.S. crude for September delivery <CLc1> added 43 cents to
$75.67 a barrel at 0734 GMT, while October ICE Brent <LCOc1>
gained 35 cents to $75.98.
The front-month U.S. contract touched an intraday one-month
low of $74.86 on Monday, when prices posted a fifth straight
drop.
A drop of almost 0.4 percent in the dollar's value against
a basket of currencies on Tuesday also boosted prices of other
commodities.
U.S. demand for gasoline peaks in the so-called driving
season from late May to early September as holidaymakers take
to the roads. But stockpiles this year have increased for most
of that period, bucking a seasonal trend of drops.
"As you approach this time in the Northern Hemisphere, the
driving season is abating, so I don't see that the demand for
gasoline will be heavy," said Peter McGuire, managing director
at CWA Global Markets in Sydney.
U.S. economic statistics to be published on Tuesday include
industrial production, producer prices and housing starts -
with market tone already set by disappointing economic growth
in Japan and sluggish manufacturing in the United States
reported Monday. [] []
In addition to the economic indicators and oil stockpile
figures from the American Petroleum Institute, traders will
also continue to eye weather conditions in the Gulf of Mexico.
Falling equities continued to exert pressure on the crude
market. Japan's Nikkei average slid 0.4 percent on Tuesday to
its lowest close in more than eight months.
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Graphic on oil's correlations with stocks and the dollar:
http://link.reuters.com/wyq35n
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LACKLUSTRE GASOLINE SEASON
Forecasts ahead of weekly U.S. petroleum inventory reports
are for gasoline stockpiles to have remained little changed
last week. []
The American Petroleum Institute will publish industry
statistics late on Tuesday, followed by government data from
the Energy Information Administration on Wednesday.
Gasoline stockpiles were forecast to have declined by just
200,000 barrels last week, a Reuters survey showed, while
supplies of distillate fuel including diesel were expected to
have gained 1.3 million barrels.
Crude inventories probably fell 1.1 million barrels,
according to the poll.
The remnants of Tropical Depression 5 strengthened in the
Gulf of Mexico and had a 60 percent chance of redeveloping into
a tropical depression over the next 48 hours, the U.S. National
Hurricane Center said late on Monday. []
But producers had on Monday not cut back production ahead
of the weather event. []
Expiring September crude oil options on the New York
Mercantile Exchange may provide some volatility on Tuesday,
ahead of the crude oil contract's expiration on Friday.
(Editing by)
