NYMEX-Crude dips after API data; Fed supports

                                
 TOKYO, Aug 11 (Reuters) - U.S. crude futures dipped on
Wednesday on demand concerns after data showing a rise in U.S.
crude imports overshadowed a deeper-than-expected decline in
crude stocks, while the downside was supported by new Federal
Reserve steps to support the economy.
                                
 FUNDAMENTALS
                                
 * NYMEX crude for September delivery <CLc1> was down 4 cents
at $80.21 a barrel by 0004 GMT, after settling down $1.23, or 1.5
percent, at $80.25 a day earlier.
                                
 * U.S. crude inventories dropped slightly more than expected
last week and gasoline stocks unexpectedly fell, weekly data from
the American Petroleum Institute (API) showed after the
settlement on Tuesday. But crude imports to the United States
were up by 1.6 million barrels per day at 10.96 million barrels,
the data showed. [ID:nN10161538]
                                
 * NYMEX crude futures fell on Tuesday, but pared losses in
late trade after the Federal Reserve said it would keep interest
rates low and take other steps to cut borrowing costs and
encourage economic recovery. [O/R]
                                
 * A tropical depression formed over the Gulf of Mexico on
Tuesday on a track likely to take it near BP Plc's <BP.L> massive
oil spill site before it makes landfall in Louisiana.
[ID:nN10177803]
                                
 * Pipeline company Enbridge <ENB.TO> evacuated some
nonessential personnel from an offshore infrastructure attached
to two natural gas pipeline systems in the eastern Gulf of Mexico
as a low pressure system threatened to become a tropical
depression on Tuesday. [ID:nN10220235]
                                
 * The U.S. Department of Transportation's Pipeline Safety
Office said on Tuesday it rejected Enbridge Inc's <ENB.TO> plan
to restart a Michigan oil pipeline that ruptured last month.
[ID:nN10178403]
                                
 MARKETS NEWS
                                
 * The Federal Reserve on Tuesday took a small but significant
step to counter a weakening U.S. economic recovery, saying it
would use cash from maturing mortgage bonds it holds to buy more
government debt. [ID:nN09275781]
                                
 * U.S. stocks fell on Tuesday but closed off their lows after
the Federal Reserve said it would take new steps to counter a
weak recovery. [.N]
                                
 * The dollar hovered within sight of a 15-year low versus the
yen on Wednesday after the Federal Reserve announced plans to
boost a flagging economy by reinvesting money from maturing
mortgage bonds in government debt. [USD/]
                                
 DATA/EVENTS
                                
 * The following data is expected on Wednesday:
 0200  China     Industrial output yy        Jul      <CNIO=ECI>
 0200  China     Retail Sales yy             Jul     <CNRSL=ECI>
 0200  China     Consumer Price Index yy     Jul     <CNCPI=ECI>
 0200  China     Producer Price Index yy     Jul     <CNPPI=ECI>
 0200  China     Urban investment (ytd)yy    Jul    <CNUFAI=ECI>
 0800  OECD      IEA Oil Market Report       Aug         [IEA/M]
 1100  U.S.      Mortgage index              Weekly  <USMGM=ECI>
 1230  U.S.      International trade mm      May    <USTBAL=ECI>
 1430  U.S.      EIA weekly crude stocks     Jul 30 <USOILC=ECI>
 1800  U.S.      Federal budget              Jul    <USGDEF=ECI>
                                
 RELATED NEWS
 >Obama to sign bill to boost U.S. manufacturers [ID:nN10174986]
 >Brazil could charge Petrobras $8/barrel-ANP    [ID:nN10168205]
 >Texas sets 2nd 2010 power use record           [ID:nN10177158]
 >Gold gains, oil,metals trim loss after Fed notice   [COM/WRAP]
                                
 PRICES
                                
 Oil prices as of 0004 GMT          
 Contract Mnth    Price  Change  Day ago     pct     MA-20*
 NYMEX Contracts
 US Crude SEP0   $80.21   -0.04   -$1.23  -1.51%     $78.85
 Heat Oil SEP0   212.61   +0.07    -2.84  -1.32%     207.10
 RBOB     SEP0   208.86   +0.00    -3.34  -1.58%     210.51
 Natgas   SEP0   $4.312  +0.015  -$0.012  -0.28%     $4.593
 ICE Contracts
 Brent    SEP0   $79.48   -0.12   -$1.39  -1.72%     $78.07
 Gasoil   AUG0       --   +0.00  -$11.00  -1.62%    $658.20
 Note: U.S. heating oil and RBOB gasoline contracts listed in
cents per gallon.
 * = 20-day moving average for continuation month.
 (Reporting by Risa Maeda; Editing by Chris Gallagher)