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* U.S. crude inventories up 1.9 mln barrels last week - poll
* OPEC meets in Vienna next week to decide oil production
* Coming up: API stocks data at 2130 GMT
(Updates prices)
By Christopher Johnson
LONDON, March 9 (Reuters) - Oil prices slipped back from
eight-week highs on Tuesday on expectations of a rise in U.S.
crude inventories and a slightly stronger dollar.
U.S. crude inventories probably rose for a sixth straight
week as imports edged up and refinery utilisation remained flat,
a Reuters survey showed. []
Crude oil futures fell $1 per barrel on both sides of the
Atlantic, with benchmark U.S. futures <CLc1> for April dropping
to a low of $80.86, down $1.01, before recovering slightly to
trade around $80.90 by 0951 GMT.
North Sea Brent crude oil futures <LCOc1> slipped to a low
of $79.33, down $1.14, before paring some losses to stand at
$79.45.
"Forecasts of a yet another build in U.S. crude stocks show
the disconnect between the fundamentals of oil supply and
demand, which are quite bearish, and hopes of economic recovery,
which are bullish," said Commerzbank analyst Carsten Fritsch.
"But the market doesn't seem to want to hear negative news
for long and tends to react more strongly on the upside. It is
two steps upwards, one step down at the moment."
The Organisation of the Petroleum Exporting Countries (OPEC)
will keep oil production targets on hold when it meets in Vienna
on March 17, but could raise output later this year as the world
recovers from recession, pushing up demand for fuel, a Reuters
poll showed on Monday. []
OPEC ministers say they are happy with oil prices as they
are and they are unlikely to do anything that would alter the
current trading range between $70 and $85 per barrel.
EIA
The U.S. Energy Information Administration is expected to
hold its global oil demand growth forecast steady for this year
at 1.2 million barrels in its latest report, although some
analysts believe the EIA might be too optimistic given
stubbornly high oil prices and an uncertain economy.
[]
The EIA's monthly short-term supply and demand forecast will
be published on Tuesday at 1500 GMT.
The industry-funded American Petroleum Institute (API) will
publish inventory data on Tuesday at 2130 GMT, followed by
government statistics from the EIA on Wednesday at 1530 GMT.
U.S. crude inventories gained 1.9 million barrels in the
week to March 5, the Reuters 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 dollar, which for months has been inversely correlated
with oil prices, edged up on Tuesday against a basket of
currencies, putting some pressure on oil prices. []
But some traders said the currency has recently influenced
crude prices less, especially at times when economic data
releases enter the spotlight.
(Additional reporting by Alejandro Barbajosa; editing by Amanda
Cooper)
