* U.S. crude stocks probably rose 800,000 barrels - poll
* Hurricane Danielle threat to U.S. Gulf fades
* Coming up: weekly U.S. API crude stocks; 2030 GMT
(Recasts, changes dateline from SINGAPORE)
By Emma Farge
LONDON, Aug 24 (Reuters) - Oil prices fell towards $72 a
barrel on Tuesday and were on track to fall for the fifth
straight day as gloom about the ability of top oil consumer the
United States to work through record stocks weighed on
sentiment.
U.S. crude oil inventories likely rose last week by 800,000
barrels last week, according to a preliminary Reuters poll of
eight analysts ahead of American Petroleum Institute data at
2030 GMT and more authoritative U.S. government data on
Wednesday. []
Typically, stocks fall through the summer driving season but
they instead rose to a record high in the United States in the
week to Aug. 13.
U.S. crude prices <CLc1> fell by 64 cents to $72.46 a barrel
by 0915 GMT, with an early fall in European equities adding to
the downwards momentum, leaving prices at seven-week lows. []
ICE Brent crude futures <LCOc1> shed 48 cents by the same
time, maintaining its premium to the rival benchmark established
last week.
"The bearish trend since Aug. 17 is intact. Economic
momentum is slowing and everyone is worried about it. Both
supply and demand fundamentals are weak," said VTB Capital
analyst Andrey Kryuchenkov.
Hurricane Danielle strengthened over the Atlantic Ocean to a
category two storm on Tuesday but posed no threat to land or
energy interests, the U.S. National Hurricane Center said.
[]
This Atlantic hurricane season was forecast to be the most
active in five years, inflating oil prices with a storm-related
premium, but few have so far emerged.
For now, analysts said that the potential for future storms
is likely to support oil at around $70 a barrel.
"The fact that we have yet to enter the most critical part
of the hurricane season (September) should prevent complacency
and likely force the market to hold $70 support," said Edward
Meir, senior commodity analyst at MF Global.
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For a graphic on the correlation with equities, see:
http://graphics.thomsonreuters.com/gfx1/DTR_20102408091440.jpg
Link to National Hurricane Center: http://www.nhc.noaa.gov/
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Oil prices have fallen by around 13 percent since hitting a
three-month high of $82.97 a barrel in early August as evidence
has mounted that the fuel demand recovery is likely to be
protracted while stocks have swelled.
Traders will look to a raft of economic data including U.S.
chain store sales and existing home sales later on Tuesday for
signs that either confirm or flout this view.
Last week's economic reports included data showing U.S.
jobless claims hit a nine-month high and U.S regional
manufacturing contracted for the first time in a year.
Investors' interest in oil diminished last week. Money
managers cut net long crude oil positions on the New York
Mercantile Exchange, the Commodity Futures Trading Commission
said on Friday. []
(Additional reporting by Alejandro Barbajosa in Singapore,
editing by Sue Thomas)
