* China crude imports down 3.2 percent on year
* U.S. may renew economic stimulus efforts, prop up growth
* Coming up: U.S. API crude, dist, gasoline stocks; 2030
GMT
* For a technical view, click: []
(Updates prices)
By Florence Tan
SINGAPORE, Aug 10 (Reuters) - Oil fell below $81 on Tuesday
as China's crude imports slowed sharply in July, raising the
prospect of less purchases by the world's second largest energy
consumer as its economic growth cools in the second half.
China imported 19 million tonnes or 4.47 million barrels
per day of crude oil in July, down 17.5 percent from June's
record 5.4 million bpd, official data showed. []
In the same month overall imports rose by 22.7 percent,
well short of forecasts, helping drive down Chinese share
prices <> by 2.9 percent. []
"The market is under pressure as China is slowing down,"
Jonathan Barratt, managing director of Sydney-based Commodity
Broking Services said, adding that this was in line with
expectations.
Gordon Kwan, head of energy research at Mirae Assets
Securities, played down the fall in July, pointing out that the
volume was still significantly higher compared with the 18
million tonnes in May.
"I don't think more year-on-year falls are likely because
the comparison will get easier for the months of August and
September because last year's volumes were so bad," he said.
U.S. crude <CLc1> for September delivery fell 57 cents to
$80.91 a barrel at 0645 GMT, after settling up 78 cents at
$81.48 a day earlier.
London Brent crude <LCOc1> was down 57 cents at $80.42 a
barrel.
For a graphic showing the 24-hour oil technical outlook:
http://graphics.thomsonreuters.com/WT/20101008090135.jpg
U.S. CRUDE STOCKS SEEN LOWER
Oil is seeing some support from the possibility the U.S.
Federal Reserve may signal later on Tuesday that it is ready to
renew efforts to prop up a weakening economy, and its
commitment to keep interest rates near zero for an extended
period. []
"The U.S. is looking to put more stimulus in the market
which will in my mind support oil prices," Barratt said.
The uncertainty over whether the Fed will start a new phase
of quantitative easing led to a rebound in the U.S. dollar
against major currencies on Tuesday. []
A stronger dollar makes oil more expensive for holders of
other currencies.
U.S. crude oil inventories likely fell last week for the
second week in a row as imports dipped, a Reuters poll showed
ahead of weekly inventory reports. []
The average forecast called for a 1.6 million barrel
decline in crude oil stockpiles for the week to Aug. 6,
according to the poll of nine analysts.
Distillate stockpiles, which include heating oil and diesel
fuel, may rise for the sixth consecutive week, up 1.3 million
barrels on average, the poll showed.
Gasoline inventories edged up 100,000 barrels on average,
the survey showed and would extend weekly builds to the seven
straight week.
"The draw in crude oil and rise in products should be
bullish for the market," Barratt said.
(Editing by Michael Urquhart)
