* U.S. crude inventories fell 1.9 mln bbl last week -poll
* Traders say prices may struggle to top Jan. high of
$83.95
* Coming up: API stockpile data at 2130 GMT
By Alejandro Barbajosa
SINGAPORE, March 9 (Reuters) - Oil slid on Tuesday as
forecasts for growing U.S. crude inventories tempered bullish
sentiment about the global economic recovery, which had driven
prices to an eight-week high above $82 a day earlier.
U.S. crude for April <CLc1> fell 45 cents to $81.42 a
barrel at 0245 GMT, after touching $82.41 on Monday, the
highest level since prices jumped to a 15-month high of $83.95
on Jan. 11. London ICE Brent for April <LCOc1> declined 47
cents to $80.
A report on Friday showed U.S. unemployment is growing,
although at a slower pace than expected. The country's crude
inventories probably rose for a sixth straight week, a Reuters
survey showed. []
"The whole market picture is still very weak, but sentiment
has been very bullish," said Clarence Chu, an energy trader at
Hudson Capital Energy in Singapore.
"I expect that if eventually we get up to $83.95, people
will take profit and get off their longs. I don't think the
market can go past that point."
U.S. crude inventories gained 1.9 million barrels in the
week to March 5, the poll showed, while gasoline stockpiles may
have increased by 300,000 barrels.
Distillates, a fuel category that includes heating oil and
diesel, were expected to have dropped 900,000 barrels because
of lingering winter weather conditions in the U.S. Northeast,
the biggest heating market.
The industry-funded American Petroleum Institute (API) will
publish inventory data on Tuesday at 2130 GMT, followed by
government statistics from the Energy Information
Administration (EIA) on Wednesday at 1530 GMT.
Looking at price chart patterns, oil was unlikely to fall
below $80.50, Chu said. "It was a resistance for long, and
after we broke through it, it became a support level."
"But according to fundamentals we should look at $75 or
even $70 because we are loosing jobs every month," Chu said.
"GDP is coming up, but it's not that healthy a recovery unless
jobs return."
The dollar, which for months has been inversely correlated
with oil prices, edged up on Tuesday against a basket of
currencies. [] But some traders said the currency has
recently influenced crude prices less, especially at times when
economic data releases enter the spotlight.
The euro rose slightly against the U.S. dollar on Monday as
concerns about Greece's indebtedness eased, while U.S. equities
ended little changed after last week's rally.
(Editing by Clarence Fernandez)
