U.S. crude falls near $74 on slowdown fears, stockpiles up

                                
   * Japan's Nikkei down; yen rises near 15-year peak
                                
 * U.S. crude stocks expected to rise second straight week
                                
 * Coming Up: API weekly oil stocks data; 2030 GMT
                                
 By Florence Tan
                                
 SINGAPORE, Aug 31 (Reuters) - U.S. crude futures fell to
near $74 on Tuesday, extending losses for a second day, as
expectations of higher crude inventories fed fears of a
slowdown in global economic growth.
                                
 Investors took profit on oil after equities slid on
skepticism that governments can reverse a slowdown in global
growth while the yen clung near a 15-year high against the
dollar. [MKTS/GLOB] [FRX/]
                                
 U.S. President Barack Obama's Monday remarks on additional
steps to generate jobs growth and a rise in U.S. consumer
spending in July failed to lift oil and equities markets.
[ID:nN30177410] [ID:nN30166431]
                                
 U.S. crude prices are meeting considerable resistance above
$75 due to concerns about the economy and high oil inventories,
Stefan Graber, Credit Suisse's commodities analyst, said in a
note. "For now, we expect further consolidation around $75."
                                
 U.S. crude for October delivery <CLc1> fell 58 cents, or
0.8 percent, to $74.12 a barrel by 0235 GMT, after halting
three days of gains on Monday.
                                
 ICE Brent for October <LCOc1> fell 55 cents to $76.05 a
barrel.
                                
 However, natural gas futures rose, following a rise of 3
percent on Monday, fanned by concerns about rising tropical
activity and hotter weather this week through most of the
northeast and southern United States. [NGA/]
                                
 CRUDE STOCKS TO RISE
                                
 Oil fundamentals in the United States, the world's largest
consumer, remained weak as stockpiles rose for the second time
in a row last week on higher imports, a preliminary Reuters
poll of analysts ahead of weekly inventory reports showed.
                                
 The average of 10 forecasts called for a 1.3-million-barrel
crude stock build in the week to Aug. 27, with eight analysts
expecting an increase. [API/S]
                                
 The Energy Information Administration revised down the U.S.
oil demand in June, but consumption was still at its highest
level since October 2008. [ID:nN30175306]
                                
 "It has been a disappointing market for this summer," said
Keiichi Sano, general manager of research for SCM Securities in
Tokyo.
                                
 The crude market could have been stronger as supplies
usually tighten during the driving and hurricane seasons, he
said.
                                
 Three storm systems in the Atlantic basin were expected to
steer clear of key oil and gas-producing areas in the Gulf of
Mexico, the U.S. National Hurricane Center said on Monday.
[ID:nN30177607]
                                
 In Asia, the Singapore Mercantile Exchange will debut with
four contracts on Tuesday -- euro-dollar currency futures,
gold, West Texas Intermediate crude oil, and Brent crude priced
in euros. [ID:nSGE67T01F]
 (Editing by Clarence Fernandez)