* U.S. durable goods orders fall, clouding growth outlook
* API industry data show surprise jump in U.S. crude stocks
* Front-month U.S. crude below 200-day moving average
* For a technical view, click: []
* Coming Up: EIA U.S. inventory report at 1430 GMT
(Updates throughout)
By Christopher Johnson
LONDON, July 28 (Reuters) - Oil slipped to around $77 per
barrel on Wednesday after economic and industry figures fuelled
doubts over the pace of recovery in energy demand.
New orders for long-lasting U.S. manufactured goods fell
unexpectedly for a second straight month in June, posting their
largest decline since August, further evidence economic growth
cooled in the second quarter. []
The figures followed a report on Tuesday showing U.S.
consumers in July were the least confident about the economy
since February because of job worries. []
Stock markets fell in early trade, with Wall Street []
down after a pessimistic profit outlook from Boeing Co.
Oil traders awaited data from the U.S. Department of Energy
on oil inventories and refinery utilisation due to be released
at 1430 GMT. []
U.S. crude for September <CLc1> was down 57 cents at $76.93
by 1400 GMT, after reaching an early intra-day low of $76.88 a
barrel. ICE Brent lost 33 cents to $75.80.
Prices touched $79.69 per barrel on Tuesday, their highest
in almost 12 weeks, but then tumbled on the consumer confidence
data and after the American Petroleum Institute said U.S. crude
stocks posted a surprise increase of 3.1 million barrels last
week, against a forecast decline of 1.6 million barrels.
Those figures pushed U.S. crude down to $77.50 by Tuesday's
close, significantly well below the front-month contract's
200-day moving average. The S&P 500 Index <.SPX> also closed
below its 200-day simple moving average.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
For a graphic showing U.S. light crude oil futures front
month versus its 200-day moving average, click:
http://link.reuters.com/xav89m
For a graphic of the correlation between U.S. crude and the
S&P 500 Index, click: http://link.reuters.com/baw89m
For a graphic on the technical outlook for U.S. crude,
click: http://graphics.thomsonreuters.com/WT/20102807085210.jpg
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
RESISTANCE
"With trading volume at the lows of the year, continued
stock builds, weakening product cracks, we will remain very
cautious on any attempt to move above $80 per barrel on the wake
of the S&P," Olivier Jakob, consultant at Petromatrix, said.
"WTI moved back below the 200-day moving average and both
WTI and the S&P still need to prove that they can sustain that
line as a support rather than a resistance."
Energy Information Administration figures are forecast to
show U.S. crude oil stocks fell last week on lower imports and
possibly some reduced production because of a storm threat in
the Gulf of Mexico, a Reuters poll showed. []
Refined products stockpiles were forecast to continue to
show increases. For distillates, which include heating oil and
diesel, the forecast was for a gain of 1.8 million barrels, the
ninth consecutive weekly gain, while for gasoline, stocks should
be up 400,000 barrels, the fifth straight increase in the middle
of the U.S. summer driving demand season.
"Price-wise, given that most complexes are still on the top
end of the trading range, we expect to see further erosion from
here, especially if Wednesday's EIA numbers confirm the API
trends," said Edward Meir, senior commodity analyst at brokers
MF Global.
"However, we do not expect a sharp decline given that the
energy complex is within a critical time window weather-wise,
and prices therefore have the potential to turn on a dime."
The Organization of the Petroleum Exporting Countries (OPEC)
has for the past year and a half expressed a preference for
prices to remain stable around $75, saying that encourages
investment to sustain and increase production capacity and does
not threaten the economic recovery.
(Additional reporting by Alejandro Barbajosa in Singapore;
editing by James Jukwey)
