* Weekly API data to show rising U.S. crude, product stocks
* Traders await revised Q3 GDP, Nov consumer confidence
data
* Activity thin ahead of Thanskgiving holiday
By Jennifer Tan
SINGAPORE, Nov 24 (Reuters) - Oil eased on Tuesday to hover
above $77 a barrel, weighed down by a firmer greenback, but
trade thinned ahead of the Thanksgiving holiday and weekly U.S.
data that could show rising crude stocks in the world's top oil
user.
The dollar trimmed losses as Tokyo stocks failed to follow
up a stronger day on Wall Street, prompting some to buy the
dollar back, and as some investors closed dollar-short
positions before the Thanksgiving holiday. []
A weekly report, due later from the American Petroleum
Institute (API), which is likely to paint a more bearish
picture of U.S. energy demand, could offer more trading cues in
a holiday-thinned week.
With a slew of economic data due this week, including
November consumer confidence and revised U.S. third-quarter
gross domestic product figures on Tuesday, as well as the
minutes of the Fed's last policy meeting, traders will be
scouring the numbers for signs of improvement in the world's
largest economy.
"Crude has come off a fraction this morning due to a
stronger dollar, but it's nothing dramatic, and not a lot is
going to happen ahead of the Thanksgiving holiday," said Peter
McGuire, Managing Director of Commodity Warrants Australia.
"The market is basically in a holding pattern, awaiting
more data."
U.S. crude for January delivery eased 3 cents to $77.53 a
barrel by 0230 GMT, after settling up 9 cents at $77.56 on
Monday. London Brent crude rose 7 cents to $77.53.
Although oil is up 74 percent so far this year, it is still
down 47 percent from its July 2008 high over $147 a barrel.
A Reuters survey of analysts forecast U.S. inventory data
to show a 1.6 million barrel build in crude stocks for the week
to Nov. 20, as production rebounded from Gulf of Mexico
disruptions caused by Tropical Storm Ida.
Product stocks were also seen higher ahead of the release
of the weekly report by the American Petroleum Institute at
2130 GMT. []
Oil markets have looked toward broad economic data this
year for signs of a global recovery that could boost flagging
fuel demand.
At 1330 GMT, the U.S. Commerce Dept will unveil its revised
estimate of third-quarter GDP growth. Economists forecast a 2.9
percent annualised pace of growth, compared with a 3.5 percent
rate in the first Q3 estimate.
A U.S. consumer confidence reading for November will also
be released by the Conference Board at 1500 GMT. Economists
expect a reading of 47.7, steady versus October's level.
U.S. stocks snapped a three-day losing streak on Monday as
stronger-than-expected home sales data fueled optimism while a
weaker dollar boosted commodity-linked stocks. []
Investors have been buying into commodities in a bid to
hedge against the dollar's weakness and to guard against
concerns an ultra-easy monetary policy could lead to a jump in
inflation as the world economy rebounds.
(Editing by Clarence Fernandez)
((jennifer.tan@thomsonreuters.com; +65-6417 4679; Reuters
Messaging: jennifer.tan.reuters.com@reuters.net))
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