* 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 trading volume, intraday prices and adds
results of API inventory report)
By Robert Gibbons
NEW YORK, Aug 24 (Reuters) - Oil fell for a fifth straight
session on Tuesday, ending at the lowest settlement in 11 weeks
as weak U.S. economic data and high inventories stoked oil
demand concerns.
U.S. refined products futures also continued their slide
and RBOB gasoline futures slumped to a 2010 low intraday.
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.
Prices fell to $71.32 in post-settlement trading, lowest
intraday front-month price since the $71.09 low struck July 7.
Total U.S. crude trading volume was at more than 555,706 on
Tuesday, more than Monday's 415,365 total, but slightly below
the 30-day average of 587,516 per session.
Money managers cut net long crude oil positions on the New
York Mercantile Exchange in the week to Aug. 17.
[] But with the net long position at 108,874,
there was still room for long-position liquidation.
On Tuesday, October ICE Brent crude <LCOc1> fell $1.24 to
settle at $72.38 a barrel.
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.
[]
"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 to their lowest in seven weeks as
equities also were pressured by the report showing poor home
sales. []
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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. []
Oil prices received no lift from Hurricane Danielle, which
on Tuesday was expected to pose no threat to Gulf of Mexico
energy operations. []
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 weekly inventory reports.
The market shrugged off data from industry group the
American Petroleum Institute, arriving late Tuesday, that
showed crude stocks fell 1.8 million barrels last week.
[]
The API said gasoline stocks rose 692,000 barrels, against
a forecast for stocks to be down 400,000 barrels, and that
distillate inventories rose 1.9 million barrels, more than the
1.1 million-barrel rise expected.
The U.S. Energy Information Administration's report is due
on Wednesday at 10:30 a.m. EDT (1430 GMT).
Last week, EIA data showed U.S. combined crude oil and
products stocks in the week to Aug. 13 rose to the highest
level since weekly records began in 1990. Monthly data showed
the combined levels were the highest since 1980.
On Tuesday, MasterCard said U.S. weekly retail gasoline
demand fell 1.2 percent in the week ending Aug. 20, despite
lower prices. []
Also 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 Aug. 31.
(Additional reporting by Gene Ramos in New York, Emma Farge in
London and Alejandro Barbajosa in Singapore; Editing by David
Gregorio)
