* Oil falls to three-week intraday low of $77.07
* U.S. markets closed for Martin Luther King holiday
* Warmer northern hemisphere winter, demand concerns weigh
(Updates throughout, changes dateline, pvs PERTH)
By Christopher Johnson
LONDON, Jan 18 (Reuters) - Oil fell for the sixth
consecutive session to below $78 a barrel on Monday, as renewed
concerns over energy demand and the outlook for economic growth
prompted investors to sell positions.
Oil prices began last week above $80, supported by colder
winter weather in the northern hemisphere and an influx of fresh
capital from money managers and funds wishing to allocate more
money into commodities this year.
But poor company and banking results, including figures from
JPMorgan Chase & Co <JPM.N> on Friday, concerns about prospects
for the macro economy and oil demand, as well as rising
temperatures in Europe and the United States pulled prices
lower.
U.S. crude for February delivery <CLc1> fell 20 cents to
$77.80 a barrel by 0900 GMT on Monday, after touching a
three-week intraday low of $77.07. London Brent crude <LCOc1>
fell 28 cents to $76.83.
"Today is likely to be another down day," said Eugen
Weinberg, head of commodities analysis at Commerzbank in
Frankfurt. "Market sentiment seems to have turned after prices
failed to stay above $80 per barrel."
DEMAND
Crude oil prices have steadily fallen since striking a
15-month intraday high of $83.95 a barrel on Jan 11, dragged
down by weak U.S. economic data and fears of a sluggish rebound
in demand in the world's largest energy consumer.
Oil is now almost 50 percent below its lifetime high of more
than $147 a barrel hit in July 2008.
Cold weather across major oil consuming countries has done
little to boost demand, the International Energy Agency said on
Friday in a report that trimmed its global demand growth
forecast by 20,000 barrels per day. []
Qatar's oil minister said on Sunday the market was
"well-supplied", while Saudi Arabia's deputy oil minister
reiterated that an oil price of between $70 to $80 a barrel was
reasonable, adding that it was too early to predict the outcome
of OPEC's next meeting in March. [] []
Separately, six major powers discussed on Saturday prospects
of further sanctions against Iran over its nuclear programme,
but China made clear it opposed more punitive action at the
moment, participants in the meeting said. []
Traders say a raft of Chinese data this week, including
fourth-quarter gross domestic product, retail sales and
industrial production for December, could offer a lift to crude
oil prices. <ECONCN>
Investors will also watch U.S. earnings for cues with IBM
<IBM.N> and Goldman Sachs <GS.N> due to report this week.
[].
(Additional reporting by Fayen Wong in Perth; editing by Keiron
Henderson)
