UPDATE 7-Oil slumps a 5th day as economy fears persist

                                
 * U.S. existing home sales dive
                                
 * U.S. crude stocks seen up 800,000 barrels -poll
                                
 * Coming up: EIA oil data, Wednesday at 10:30 a.m. EDT
 (Recasts, updates with settlement prices, market activity)
                                
 By Robert Gibbons
                                
 NEW YORK, Aug 24 (Reuters) - Oil fell for a fifth straight
session on Tuesday, sliding to a near-seven week intraday low
as weak U.S. economic data fueled concerns about the oil demand
outlook while stockpiles hover at record highs.
                                
 U.S. refined products futures continued their slide. RBOB
gasoline futures prices slumped to a 2010 low intraday and
additional data pointed to tepid demand as the end of the U.S.
summer driving season approached.
                                
 U.S. crude for October delivery <CLc1> fell $1.47, or 2.01
percent to settle at $72.05 a barrel, the lowest settlement
since front-month crude closed at $71.44 on June 7.
                                
 Crude prices fell to $71.45 intraday on Tuesday, lowest
since the $71.44 low struck on July 7.
                                
 Total U.S. crude trading volume was at more than 544,000
lots in afternoon trading in New York, more than Monday's
415,365 total and near the 30-day average of more than 587,516
per session.
                                
 Though money managers cut net long crude oil positions on
the New York Mercantile Exchange in the week to Aug. 17,
according to the Commodity Futures Trading Commission,
[ID:nN20151550] with the net long position at 108,874 there was
still some length that could exit.
                                
 On Tuesday, October ICE Brent crude <LCOc1> fell $1.24 to
settle at $72.38.
                                
 Crude oil prices and U.S. equities extended losses after an
industry group report showed sales of previously owned U.S.
homes dropped more steeply than expected in July.
[ID:nN24196313]
                                
 "Existing home data was worse than expected and is putting
pressure on everything," said Tom Bentz, broker at BNP Paribas
Commodity Futures Inc in New York.
                                
 U.S. stocks slumped, with the S&P 500 index on track for a
fourth straight decline, as equities also were pressured by the
report showing poor home sales. [.N]
                                
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 For a graphic on oil's correlation with equities, see:
                                
 http://link.reuters.com/ryp86n  
                                
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 The yen rose to a 15-year high against the dollar and was
also up against the euro as investors sought a safe haven on
fears the global economy is slowing. But the dollar seesawed
against other currencies, though it was weaker against the euro
<EUR=> late on Tuesday. The dollar index <.DXY> was slightly
weaker, but in choppy trading.
                                
 INVENTORIES IN FOCUS NEXT
                                
 U.S. crude oil stocks were forecast to have risen slightly
last week, by 200,000 barrels, according to an expanded Reuters
poll of analysts ahead of American Petroleum Institute data due
on Tuesday at 4:30 p.m. EDT (2030 GMT) and U.S. government data
due on Wednesday at 10:30 a.m. EDT (1430 GMT). [EIA/S]
                                
 U.S. combined crude oil and products stocks rose to a
record high in the week to Aug. 13, according to the
government. U.S. weekly retail gasoline demand fell 1.2 percent
in the week ending Aug. 20, despite lower prices, according to
a report on Tuesday by MasterCard Advisors. [ID:nNLLOJE6DL]
                                
 On Tuesday, U.S. RBOB gasoline futures for September
delivery <RBc1> fell 3.16 cents, or 1.68 percent, to settle at
$1.8494 a gallon, falling to $1.8368 intraday, lowest since
prices fell to $1.8263 on Dec. 17, 2009. U.S. September heating
oil <HOc1> fell 1.97 cents to settle at $1.9357 a gallon.
                                
 The September refined products contracts expire on Aug.
31.
                                
 Crude oil prices have tumbled around 13 percent since
hitting a three-month high of $82.97 a barrel in early August
as evidence mounted that a fuel demand recovery is likely to be
protracted even as inventories bulged.
                                
 NO STORM THREATS YET
                                
 Oil prices so far have received scant lift from Hurricane
Danielle, which on Tuesday was expected to pose no threat to
Gulf of Mexico energy operations. [ID:nN24255636]
                                
 But analysts said the market would still show caution, with
the potential for future storms likely to support oil at around
$70 a barrel.
 (Additional reporting by Gene Ramos in New York, Emma Farge in
London and Alejandro Barbajosa in Singapore; Editing by David
Gregorio)