* Euro falls due to lack of details on Greek bailout
* EIA weekly inventory data due later
* Higher heating fuel demand in U.S. from heavy blizzard
(Updates prices, adds detail, changes dateline from
SINGAPORE)
By David Sheppard
LONDON, Feb 12 (Reuters) - Oil fell below $75 a barrel on
Friday, pressured by a stronger dollar on growing disappointment
among investors over the lack of details emerging from the
European Union summit to help debt-laden Greece.
Despite the dip, oil is on track for a 5 percent rise this
week, its best weekly gain in six weeks, led by signs of higher
heating demand due to U.S. snowstorms and a bullish global oil
demand forecast from the International Energy Agency. []
European leaders sought to prop up Greece with words of
support at a summit on Thursday, but failed to offer concrete
proposals to help the country tackle its debt crisis.
[]
The International Monetary Fund on Friday joined the EU in
pledging support for Greece, but investors remain wary. The
problems in the euro zone have boosted the dollar, pressuring
dollar-priced commodities like oil as they become more expensive
for holders of other currencies.
U.S. crude for March delivery <CLc1> fell 32 cents to $74.96
a barrel by 0903 GMT, after settling 76 cents higher at $75.28 a
barrel on Thursday. London Brent crude for the new front month
of April <LCOc1> fell 36 cents to $73.76.
"There's a lot of scepticism in the market about the EU
summit, because there's no definitive plan -- only political and
moral support -- so that's boosting the dollar and pressuring
oil," said Michelle Kwek, an analyst at Informa Global Markets
in Singapore.
"Markets are still very much on edge, and that's going to
be the main factor driving prices over the next week."
A deal to provide financial aid to Greece to stave off a
broader crisis in the 16-nation bloc would be unprecedented,
riding roughshod over rules forbidding a bailout.
But the rhetorical promises of support were not enough to
satisfy financial markets, which are looking for specifics on
how Athens may be helped out of its debt and deficit spiral,
prompting many investors to pull back from riskier assets
worldwide.
In early London trade, the euro <EUR=> was quoted at about
1.3630, down from late New York levels of around $1.3681 on
Thursday. []
U.S. OIL DATA
Traders will also scour weekly U.S. oil inventory data from
the Energy Information Administration (EIA) for further clues on
demand in the world's largest consumer.
The EIA data was delayed until Friday at 1600 GMT from its
usual Wednesday release because of the severe snowstorms that
have swept the U.S. East Coast. []
A report from the American Petroleum Institute (API) on
Tuesday showed U.S. crude inventories jumped by 7.2 million
barrels to 337.6 million last week, despite a drop in crude
imports, against expectations of a 1.5 million rise, []
"The EIA inventory numbers are on tap for Friday, and should
they come in with substantial builds we could see crude oil
prices roll back some of their recent gains," MF Global analyst
Edward Meir said.
(Additional reporting by Jennifer Tan in Singapore; editing by
Sue Thomas)
