NYMEX-Crude dips to near $68, after rise on US hopes

                                
 TOKYO, July 28 (Reuters) - U.S. crude futures edged down
towards $68 a barrel on Tuesday, reserving some of the previous
day's gains when investor optimism about the U.S. economy and a
weakening dollar pushed up oil prices.
                                
 FUNDAMENTALS
                                
 * U.S. oil prices <CLc1> settled up 0.5 percent on Monday, as
upbeat U.S. home sales spurred fresh hopes for improved oil
demand in the world's top oil consumer nation. [ID:nN27540683]
                                
 * Sales of new single-family homes in the United States rose
11 percent in June, the largest monthly rise since 2000, while
the inventory of homes for sale fell to an 11-year low, a sign
the nation's housing market may be starting to rebound.
[ID:nN27525910]
                                
 * A Reuters poll of analysts ahead of weekly inventory data
due over the next two days showed expectations for a small
drawdown in crude and gasoline stocks and an increase in
distillates supplies, which include heating oil and diesel fuel.
[EIA/S]
                                
 The American Petroleum Institute (API), an industry group,
will release its data later on Tuesday, while a weekly report
from the U.S. Department of Energy is due out on Wednesday.
                                
 MARKETS NEWS
                                
 * Japan's Nikkei average ticked up 0.3 percent on Tuesday,
extending gains into a 10th straight day, buoyed by exporters
such as Toyota Motor <7203.T> on a weaker yen and after upbeat
data on U.S. new home sales lifted confidence on Wall Street.
[.T]
                                
 * The U.S. dollar stayed near a more than seven-week low
against the euro on Tuesday, mostly steady from the previous day,
when the jump in U.S. new-home sales bolstered the market's
appetite for riskier assets and dimmed the greenback's safe-haven
appeal. [FRX/]
                                
 DATA/EVENTS
                                
 * The following data is expected on Tuesday:
                                
 - ICSC/Goldman Sachs Weekly Chain Stores Report    (1145 GMT)
                                
 - Redbook Weekly U.S. Retail Sales Index           (1255 GMT)
                                
 - U.S. S&P/Case-Shiller May Home Price Index       (1300 GMT)
                                
 - Richmond Fed Manufacturing Activity for July     (1400 GMT)
                                
 - API Weekly National Petroleum Report             (2030 GMT)
                                
 - ABC U.S. Weekly Consumer Comfort Index for July  (2100 GMT)
                                
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> US push on derivatives market reform comes clearer [nN27542160]
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> Venezuela postpones Orinoco oil tender again        [nN2790493]
                                
 PRICES
 Oil prices as of 0018 GMT          
 Contract Mnth    Price  Change  Day ago     pct     MA-20*
 NYMEX Contracts
 US Crude SEP9   $68.08   -0.30   +$0.33  +0.48%     $64.44
 Heat Oil AUG9   178.40   -1.26    +1.53  +0.86%     165.41
 RBOB     AUG9   193.37   -0.10    +1.88  +0.98%     177.92
 Natgas   AUG9   $3.607  +0.003  -$0.091  -2.46%     $3.579
 ICE Contracts
 Brent    SEP9   $70.61   -0.20   +$0.49  +0.70%     $65.17
 Gasoil   AUG9  $572.50   -2.50   +$6.50  +1.14%    $525.98
 Note: U.S. heating oil and RBOB gasoline contracts listed in
cents per gallon.
 * = 20-day moving average for continuation month.
 (Reporting by James Topham; Editing by Chris Gallagher)