* U.S. data expected to show rise in crude, fuel stocks
* Strong dollar helping pressure oil
* Coming up: U.S. API weekly oil stock data at 2030 GMT
(Corrects to 'easing fears' in paragraph 6)
(Recasts, updates prices, changes byline, moves dateline
from previous London)
NEW YORK, May 4 (Reuters) - U.S. crude oil fell more than 3
percent on Tuesday, retreating from 19-month highs as the
dollar strengthened and oil markets awaited inventory reports
expected to show rising U.S. crude and fuel stocks.
"The market is anticipating reports of much higher crude
inventories and the stronger dollar isn't helping either," said
Carsten Fritsch, commodities analyst at Commerzbank.
U.S. crude for June <CLc1> was down $3, or 3.48 percent, at
$83.19 a barrel at 1:03 p.m. EDT (1703 GMT), after hitting an
intraday high of $87.15 on Monday, the strongest front-month
price since $89.82 traded on Oct. 9, 2008.
A $3 slide on the day would be the largest one-day
percentage loss since prices fell 4.99 percent on Feb. 4,
according to Reuters data.
Brent crude <LCOc1> slid $2.83 to $86.11, but held on to
its big premium over U.S. crude futures, also known as WTI.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
For crude price technical view, see: []
For a technical chart on crude prices, click:
http://graphics.thomsonreuters.com/gfx/WT_20100405084512.jpg
For a graphic on dollar/oil correlation, click
http://graphics.thomsonreuters.com/gfx/RSW_20100405150342.jpg
For a chart showing Brent premium over U.S. crude, click
http://link.reuters.com/qap52k
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BP <BP.L> continued efforts to stop oil gushing into the
Gulf of Mexico from a ruptured offshore well, but easing fears
of disruptions to the key refining hub on the Gulf Coast
weighed on the markets. []
"Oil has taken a dive this morning on the back of
downgraded expectations that the Gulf of Mexico oil slick will
materially disrupt refining oil production operations in the
region," according to J.P. Morgan's Lawrence Eagles.
The U.S. Coast Guard said the oil slick had not yet
disrupted shipping [] and operations at the key
Louisiana Offshore Oil Port were normal. []
The euro tumbled to a one-year low beneath $1.31, hit by
fear that emergency aid for Greece may not prevent debt crises
in other euro zone countries. []
U.S. stocks, pressured early by Greece's debt problems,
remained broadly lower even after data showed new orders
received by factories rose unexpectedly and pending home sales
rose to a five-month high in March. []
Dealers said the oil futures sell-off partly reflected a
reaction to Monday's rally, which some thought was overdone,
and concerns that market fundamentals had become disconnected
from prices.
Weekly oil inventory reports were expected to to show U.S.
crude inventories rose last week as a discount for prompt oil
widened the contango structure of the futures curve, a Reuters
survey on Monday showed. []
The American Petroleum Institute's report arrives on
Tuesday at 4:30 p.m. EDT. The U.S. Energy Information
Administration's report follows on Wednesday morning.
The contango, where front-month contracts are weaker than
future months, had strengthened on Tuesday to put front-month
June crude more than $3 a barrel cheaper than the July contract
<CL-1=R>.
There was strength also at the back end of the curve where
U.S. futures for five years ahead <CLc61> widened their premium
over the front-month to around $12 from under $5 a month ago.
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For a graphic showing how U.S. crude futures for five years
forward <CLc61> have risen relative to the front-month, click
http://link.reuters.com/fet52k
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(Additional reporting by Gene Ramos in New York, Christopher
Johnson in London and Judy Hua in Singapore; Editing by
Marguerita Choy)
