* Weekly API data to show rising U.S. crude, product stocks
* Reuters poll sees oil demand growth outpacing supply
* Traders await revised Q3 GDP, Nov consumer confidence data
(Updates detail, prices)
By Christopher Johnson
LONDON, Nov 24 (Reuters) - Oil slipped towards $77 a barrel
on Tuesday ahead of data expected to show crude inventories
rising in the United States but trade was thin ahead of the
Thanksgiving holiday.
A weekly report from the American Petroleum Institute (API)
due at 4:30 p.m. EST (2130 GMT) was likely to paint a bearish
picture of U.S. energy demand, analysts said.
A Reuters survey of analysts forecast the 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. []
U.S. crude for January delivery eased 11 cents to $77.45 a
barrel by 1255 GMT, after settling up 9 cents at $77.56 on
Monday. London Brent crude was up 19 cents to $77.65.
With economic data due this week, including November
consumer confidence and revised U.S. third-quarter gross
domestic product figures later on Tuesday, and 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.
"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.
REUTERS POLL
A Reuters poll forecast on Tuesday that growing oil use
would probably outpace the rate of new supplies in 2010, eroding
the huge stockpiles of crude which have mounted around the world
since the start of the global economic crisis. []
The survey of 10 top oil-tracking analysts and organisations
predicted oil demand would rise by 1.3 million barrels per day
(bpd) next year to 85.9 million bpd.
At the same time, the rise in production from outside the
Organization of the Petroleum Exporting Countries and output of
natural gas liquids (NGLs) from OPEC members is seen growing by
just 800,000 bpd in total.
Click here for Reuters table of results []
Click here for a graphic illustrating the changes:
http://graphics.thomsonreuters.com/119/OIL_EZPOLL1109.gif
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 []
(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))
