* China June crude imports at 5.42 mln bpd, record high
* Coming Up: U.S. companies' quarterly earnings season
* U.S. retail sales, industrial production data awaited
(Updates throughout, changes dateline, pvs SINGAPORE)
By Christopher Johnson
LONDON, July 12 (Reuters) - U.S. crude oil futures fell
below $76 per barrel on Monday, consolidating after a week of
gains and ahead of U.S. quarterly earnings and key
macro-economic data.
S&P 500 <.SPX> earnings are expected to have risen more than
25 percent in the second quarter but the outlook for consumer
demand is less bright. U.S. retail sales figures out on
Wednesday are expected to show spending easing 0.2 percent in
June. []
The dollar rose against a basket of currencies <.DXY> as
gold <XAU=> eased. A firmer dollar often depresses commodities
as it makes them more expensive for holders of other currencies.
Crude for August delivery <CLc1> fell 48 cents to $75.61 a
barrel by 0817 GMT, after closing last week with a gain of more
than 5 percent -- its biggest jump since the week to May 28.
For a technical view, click: []
London Brent crude <LCOc1> was trading 61 cents lower at
$74.81 a barrel.
"Last week was very strong and the dollar is a little
stronger," said Eugen Weinberg, head of commodities research at
Commerzbank in Frankfurt. "Chinese data was very supportive but
there is caution ahead of this week's data and results."
Oil prices rose early on Monday following Chinese figures
showing a 43.9 percent surge in exports in June from a year
earlier, while crude imports in the world's second-largest
energy user rose by a quarter to hit a record high above 22
million tonnes. [] []
Weather forecasters reported no new signs of foul weather
brewing that could hit the Gulf of Mexico, after Tropical
Depression No.2 hit Mexico's coast near the border with Texas on
Thursday, missing energy production platforms.
LONG POSITIONS CUT
Investors were not as confident about the economic outlook
in the second half as they have unwound long positions in the
past couple of weeks, analysts said.
Net speculative long positions on NYMEX crude were cut by
nearly 20,000 to 74,216 in the week to July 6, data from the
Commodity Futures Trading Commission on Friday showed, the third
week of falls. []
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For a graphic of NYMEX speculative crude positions, see:
http://graphics.thomsonreuters.com/10/CFTC_Crude090710.gif
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U.S. crude is well below a 19-month peak above $87 reached
in early May but has rebounded sharply from below $65 on May 20.
Stock markets in Asia rose, after the best week in a year
for U.S. equities. The driver this week will be quarterly
earnings, which kick off on Monday with the results of aluminium
producer Alcoa.
U.S. June retail sales data out on Wednesday will be a key
gauge to the country's economic recovery, said Stephen Schork,
president of energy advisory firm the Schork Group.
"If we are to see serious gains from the bulls this week, we
will need to see strength in equities, strong retail sales
figures and a weaker dollar would not hurt," he said in a note.
(Additional reporting by Osamu Tsukimori and Florence Tan;
editing by Keiron Henderson)
