* U.S. crude stocks probably fell 2nd straight week -poll
* Forecasters may trim oil demand growth projections
* Coming Up: API report on U.S. inventories; 2030 GMT
(Changes throughout, previously SINGAPORE)
By Joe Brock
LONDON, June 8 (Reuters) - Oil hovered around $71 a barrel
on Tuesday as concerns about the euro zone crisis subdued
optimism over U.S. demand, ahead of data expected to show a fall
in crude stocks in the world's largest fuel user.
European stock markets fell on Tuesday as worries about debt
problems in Hungary added to jitters about fiscal health in
European economies, which could curb future fuel demand.
Front-month U.S. crude <CLc1>, down 17 percent from a
19-month high above $87 in early May, dipped 44 cents to $71.02
by 0927 GMT. ICE Brent <LCOc1> fell 46 cents to $71.08.
U.S. crude inventories were expected to have fallen for the
second straight week as import volumes declined, a Reuters poll
of analysts said ahead of weekly oil stocks reports this week.
Industry group the American Petroleum Institute will publish
inventory figures on Tuesday at 2030 GMT, while the more closely
watched government statistics from the U.S. Energy Information
Administration to follow on Wednesday at 1430 GMT.
"The stock data will have a significant impact as it will be
the first giving indications of the driving season. The shape of
the U.S. gasoline demand will be really important," said
Christophe Barret, oil analyst at Credit Agricole.
Oil fell below $65 last month when the June contract expired
but futures have since recovered with investors seeming happy to
buy into any dip, keeping prices in a $70-$75 range.
$70-$75 RANGE
"Prices looks fairly stable around $72. We've moved to a
price level between $70-$75 that seems to be acceptable by
everyone and by OPEC," Barret said.
Saudi Arabia's influential oil minister said in remarks
published on Monday that oil prices would stay in the "ideal
realm" of $70 to $80 a barrel. []
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The European debt crisis and the weak U.S. jobs picture
could mean a cut in oil demand projections from leading
forecasters this week, which would pressure oil prices.
The U.S. Energy Information Administration, the first of
three widely watched oil reports that will be released this
week, is expected to claw back on Tuesday some of the oil demand
growth it had been looking for. []
The Organization of the Petroleum Exporting Countries (OPEC)
releases its oil outlook on Wednesday followed by the
International Energy Agency's (IEA) forecast on Thursday.
The IEA, adviser to industrialised nations, is also likely
to cut its estimates of Gulf of Mexico oil production for 2015
by 100,000-300,000 barrels per day (bpd) due to potentially
tighter U.S. legislation on deepwater drilling following BP's
spill. []
Britain said it would increase its inspection of North Sea
drilling rigs and monitoring of offshore practices in the light
of the BP <BP.L> oil spill in the Gulf of Mexico, in a move
likely to be part of many regulatory changes on deepwater
projects around the world. []
BP said on Monday its cap system captured 7,541 barrels of
oil in the 12 hours through to noon, which could bring the
daylong total to more than 15,000 -- the company's highest
capture rate yet. []
(Editing by Sue Thomas)
