* Asian equities rise to highest in almost three months
* U.S. stock markets expected to open lower
* For a technical view, click: []
* Coming Up: U.S. API weekly inventory report; 2030 GMT
(Updates through, changes dateline, pvs SINGAPORE)
By Christopher Johnson
LONDON, Aug 3 (Reuters) - Oil prices slipped back from
three-month highs towards $81 on Tuesday as stock markets
consolidated ahead of key U.S. economic data.
Benchmark U.S. oil futures rose 3 percent on Monday to above
$80 per barrel for the first time since early May after trading
between $70 and $80 for almost two months.
Oil was supported by upbeat manufacturing data from
industrialised economies including the United States and
European bank results, which also boosted Wall Street.
But investors were wary after the sharp run-up and ahead of
key data this week. U.S. pending homes sales and weekly retail
sales figures will be published later on Tuesday and all eyes
will be on U.S. non-farm payrolls figures on Friday.
U.S. September crude <CLc1> slipped 14 cents to $81.20 by
0915 GMT after hitting an intra-day high of $81.62. ICE Brent
<LCOc1> fell 6 cents to $80.76.
"We moved up too far, too fast yesterday and we are now
settling," said Christophe Barret, global oil analyst at Credit
Agricole. "I expect we will go back into the $75 to $80 range
because fundamentals don't support the recent rise."
Asian shares rose to their highest levels in nearly three
months on Tuesday, after the euro reached a three-month peak on
the back of data showing the U.S. manufacturing sector grew in
July for a 12th consecutive month, topping expectations.
But European stocks drifted in early trade and U.S. stocks
were expected to open lower. [] []
A weaker dollar helps make oil imports cheaper for non U.S.
currency holders. <.DXY>
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For a graphic on oil's correlation with equities:
http://graphics.thomsonreuters.com/gfx/ABE_20100308150310.jpg
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SUPPLIES AND HURRICANES
The oil market's attention will turn to U.S. inventories
later on Tuesday, when the American Petroleum Institute will
publish industry stockpile figures. Government statistics on
supply and demand will follow from the U.S. Energy Information
Administration on Wednesday. []
U.S. crude oil inventories probably fell last week as
imports slipped and the effect of Gulf of Mexico production was
interrupted briefly by Tropical Storm Bonnie, a Reuters
preliminary survey of analysts on Monday showed.
Averaging nine analyst views, crude inventories were
expected to have fallen 1 million barrels in the week to July
30, Monday's survey showed. []
Supplies of distillates including diesel were forecast to
have increased 1.1 million barrels, while gasoline stocks were
expected to have fallen 700,000 barrels, breaking a string of
five weeks of gains despite peak consumption during the summer
driving season.
A drop in U.S. crude stockpiles would follow a jump of 7.3
million barrels to 360.8 million barrels in the week to July 23,
the biggest since 2008, according to last week's EIA report.
Last week inventories were also expected to drop because of
Bonnie-related disruptions to shipping and production.
Tropical Depression 4, which formed in the middle of the
Atlantic Ocean on Monday, was becoming better organised and
nearing tropical storm strength, the U.S. National Hurricane
Center said, but it was forecast to veer northeast before
reaching Florida. []
The hurricane season is entering what in recent years has
been a period of peak activity between August and early October.
Atlantic storms sometimes enter the Gulf of Mexico, posing a
threat to U.S. and Mexican oil infrastructure.
(Additional reporting by Alejandro Barbajosa; editing by Sue
Thomas)
