* Consolidation after four days of gains
* Oil on track to post first weekly gain for a month
* Dollar index <.DXY> up 0.34 pct
* China June refinery output at new record
(Updates detail, prices)
By Christopher Johnson
LONDON, July 17 (Reuters) - Oil slipped below $62 a barrel
on Friday, undermined by concerns over the outlook for the world
economy, a stronger dollar and some selling pressure after four
days of gains.
Oil was still on track for a gain of about 3 percent on the
week, snapping four straight weeks of declines thanks to
stronger equities markets, better corporate results and some
positive economic data, particularly from Asia.
U.S. crude oil for September delivery <CLc1> was down 14
cents at $61.88 a barrel by 1038 GMT. London Brent crude fell 30
cents to $63.45 a barrel.
"There is a fair amount of profit-taking after a week of
rises," said a dealer at a oil brokerage in London. "The
fundamentals remain in question and I think we could see the
market below $60 again next week. We are waiting to see the U.S.
bank results today, which will probably determine sentiment."
U.S. corporate results on Friday include Citigroup <C.N>,
General Electric <GE.N> and Bank of America <BAC.N>, which
analysts say could provide some upside surprises after strong
figures earlier this week from Goldman Sachs <GS.N>.
Oil's gains on Thursday were helped by a rise on Wall Street
following upbeat corporate earnings and a report showing strong
growth in China, the world's second biggest consumer of energy.
But a rise in the dollar against most other currencies on
Friday took some of the shine off oil as traders digested news
of the bombing of two hotels in the Indonesian capital, Jakarta,
which encouraged a flight to safety.
U.S. DATA
Oil often moves inversely to the dollar as a rise in the
U.S. currency makes oil more expensive to many consumers.
Economic data are sending mixed messages about the pace of
recovery from recession.
The number of Americans filing for jobless benefits fell to
the lowest level since January last week while a key regional
manufacturing index slipped more than expected in July, reports
showed on Thursday. []
Nouriel Roubini, one of the few economists who accurately
predicted the magnitude of the financial crisis, said on
Thursday the worst of the turmoil had passed, but said the
United States would need a second fiscal stimulus, possibly by
the end of this year, as the unemployment rate approaches 10
percent. []
In China, refiners in the world's No.2 energy consumer
boosted production by 6 percent in June to a record high after a
rise in domestic motor fuel prices aided margins, although
higher inventories and rising exports suggested domestic demand
was lagging. []
Oil prices are down nearly $10 since early July, partly
reversing last quarter's 40 percent surge on concerns over
energy demand, which has contracted for the first time in a
quarter century under the weight of the recession.
U.S. government data this week showing a swelling in
gasoline stockpiles in the week of July 10 despite the July 4
Independence Day holiday when the summer driving season
typically peaks, remains a stark reminder for investors that
demand in the world's top energy consumer is still tepid.
Economic data on Friday will include the U.S. housing
building permits for June and the U.S. ECRI weekly index, which
will be keenly watched by investors to gauge how the economy is
faring.
(Additional reporting by Fayen Wong in Perth; editing by Jon
Boyle)
