* US oil inventories forecast to rise for 2nd week
* Global markets jittery on concerns over Greece
* U.S. consumer confidence eyed
* CFTC to decide on more oversights
(Update throughout, adds CFTC)
By Ikuko Kurahone
LONDON, April 27 (Reuters) - Oil slipped below $84 on
Tuesday, pulled lower by expectations of a rise in U.S.
stockpiles and nagging concerns Greece's economic trauma could
have knock-on effects on the wider economy and demand for fuel.
Oil and commodities traders are also awaiting a decision
later during the day from top U.S. futures regulator, the
Commodity Futures Trading Commision, on whether two-dozen energy
contracts needed more oversight. []
U.S. crude for June delivery <CLc1> fell 94 cents to $83.26
a barrel by 1052 GMT, while ICE June Brent crude <LCOc1> dipped
by 77 cents to $86.96.
"The market is a little worried about the Greece situation
and probable builds in inventories again in the U.S.
statistics," said Tony Nunan, a risk manager with Mitsubishi
Corp.
Inventories of crude oil in the United States, the world's
top energy consumer, probably rose for the second consecutive
week, Reuters' survey of analysts showed ahead of two sets of
oil data due out later on Tuesday and Wednesday. []
Industry group American Petroleum Institute will release its
report for the week to April 23 at 2030 GMT on Tuesday. Official
Energy Information Administration data will follow at 1430 GMT
on Wednesday.
Analysts in the survey expected a 400,000 barrel increase in
U.S. crude oil stocks. Oil product inventories, such as
gasoline, were also forecast for increases. []
The oil futures market structure, rather than outright
prices, has reflected high levels of inventories especially at
at Cushing in Oklahoma, the United States, the delivery point of
U.S. crude.
The heavy inventories have made the prompt U.S. crude
futures cheaper than longer dated contracts, a structure called
contango. The contango has steepened over about a past month.
For a graphic showing the growing contango:
http://graphics.thomsonreuters.com/gfx/RSW_20102704123543.jpg
The euro slipped and European shares dipped on renewed
worries over Greece's debt after Germany demanded painful new
austerity measures from Athens in return for financial aid.
[][]
Traders may take to the sidelines during the early part of
the U.S. business day, said Olivier Jakob with Petromatrix, as a
CFTC hearing will start 1330 GMT.
The CFTC will look at 24 contracts owned by the
IntercontinentalExchange Inc <ICE.N>, the Natural Gas Exchange
Inc and the Chicago Climate Exchange Inc <CLIE.L>.
[] [].
The regulator last year identified more than 40 contracts
listed on electronic markets that might merit closer
supervision, mostly for electric power and natural gas.
Still, prices of oil have risen by about 65 percent from a
year earlier due to growth in demand from emerging markets such
as China and brightening outlooks for U.S. economy. In late
April last year, U.S. crude futures were around $50-$51.
British oil major BP plc <BP.L>, the first international oil
major to report first quarter earnings, benefited from the rise
in oil prices and posted a 135 percent increase in profit from a
year earlier []
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
For graphics of BP profits and oil price and BP refining
margins and the oil price, please click:
http://link.reuters.com/sur59j
http://r.reuters.com/xur59j
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Traders will look for further clues to economic recovery
from the U.S. April consumer confidence data on Tuesday, as well
as the outcome of the Federal Reserve's two-day, policy-setting
meeting starting the same day.
(Additional reporting by Alejandro Barbajosa in Singapore;
Editing by Keiron Henderson)
