* Weekly API data to show rising U.S. crude, product stocks
* Traders await revised Q3 GDP, Nov consumer confidence data
* Activity thin ahead of Thanksgiving holiday
(Updates detail, prices)
By Christopher Johnson
LONDON, Nov 24 (Reuters) - Oil slipped towards $77 a barrel
on Tuesday, held down by a firmer dollar, but trade was thin
ahead of the U.S. Thanksgiving holiday and data that was
expected to show crude stocks rising in the United States.
The dollar rose as some investors bought the currency or
closed dollar-short positions before Thanksgiving. []
A weekly report from the American Petroleum Institute (API)
due at 4:30 p.m. EST (2130 GMT) is likely to paint a bearish
picture of U.S. energy demand, analysts said.
"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.
U.S. crude for January delivery eased 5 cents to $77.51 a
barrel by 1055 GMT, after settling up 9 cents at $77.56 on
Monday. London Brent crude was up 24 cents to $77.70.
With economic data due this week, including November
consumer confidence and revised U.S. third-quarter gross
domestic product figures later 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.
While oil is up about 74 percent this year, it is still down
47 percent from its July 2008 high above $147 a barrel.
U.S. crude and Brent futures have been oscillating within a
tight range between $75 and $81 per barrel over the last month.
DATA
"The floor has been set by the weaker dollar/higher expected
inflation theme, while the ceiling has been set by weak refining
margins, lacklustre demand (except for China), and a global
economic recovery that is expected to be sluggish and has long
since been priced in," said Mike Wittner, global head of oil
research at Societe Generale.
A Reuters survey of analysts forecast U.S. inventory data
would 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. []
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.
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.
Prices were also supported by forecasts of a
colder-than-expected U.S. winter early next year and tension
surrounding Iran's air defence war games on Sunday.
Private weather forecaster WSI Corp said on Monday the U.S.
Northeast, the world's top consumer of heating oil, would have a
warmer December than normal, followed by colder than usual
temperatures in January and February. []
(Reporting by Christopher Johnson in London and Jennifer
Tan in Singapore; editing by William Hardy)
((christopher.johnson@thomsonreuters.com; +44 207 542 6056;
Reuters Messaging: christopher.johnson.reuters.com@reuters.net))
