* Investors await U.S. GDP numbers for direction
* For a technical view, click: []
* Coming Up: U.S. Q2 GDP; 1230 GMT
(Updates prices, adds news quotes parasgraphs 4-5)
By Alex Lawler
CAPE TOWN, July 30 (Reuters) - Oil slipped on Friday,
heading for a fourth consecutive weekly settlement within the
$75-$80 range, as investors focused on a slowing economy and
rising inventories in top consumer the United States.
European stocks traded lower and Asian equities declined
ahead of data expected to show U.S. economic growth slowed to
2.5 percent in the second quarter from 2.7 percent in the first
quarter. []
U.S. September crude <CLc1> shed 64 cents to $77.72 a barrel
at 1035 GMT. ICE Brent <LCOc1> fell 61 cents to $76.98.
"We've got the GDP figures coming out later and maybe people
are squaring up a little bit before then just in case it comes
in a little bit weak," said Rob Montefusco, a trader at Sucden
Financial.
"If you go by those horrendous numbers we had on Wednesday,
there's plenty of oil stocks around."
A U.S. government report on Wednesday showed crude
inventories jumped the most in almost two years last week, by
more than 7 million barrels. Industry group the American
Petroleum Institute also reported a rise in stockpiles.
The reports showing soaring crude stockpiles in the U.S. had
forced prices towards the bottom of the recent price range
earlier in the week by signalling weak demand. [] []
RECESSION FEARS
The slowdown in the U.S. economic recovery was also flagged
by a stream of weak economic data in the past couple of months,
and a softer report on Friday could revive fears among investors
of a double-dip recession.
Still, U.S. crude on Thursday climbed almost 1.8 percent,
the first gain of the week despite falling equities, boosted by
a weaker dollar, which makes dollar-denominated commodities
cheaper for other currency holders.
The dollar rose against a basket of currencies <.DXY> on
Friday.
Oil has traded in a range between $70 and $80 for almost two
months. Prices are unlikely to move above $80 a barrel unless
inventories fall, said Mark Pervan, a senior commodities analyst
at ANZ in Melbourne.
Industrial output in Japan, the world's third-largest oil
user, unexpectedly fell in June and manufacturers expect further
declines in coming months, boding ill for the fragile economic
recovery. [] []
Members of the Organization of the Petroleum Exporting
Countries have said they prefer oil to remain around $70 to $80
a barrel, a level they say encourages investment to sustain and
increase production capacity and does not put the global
economic recovery at risk.
With prices staying within that range, OPEC production has
been climbing steadily and has risen further in July, a Reuters
survey showed on Thursday. []
(Additional reporting by Alejandro Barbajosa; editing by James
Jukwey)
