* 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
(Recasts, updates prices)
By Joe Brock
LONDON, June 8 (Reuters) - Oil hovered below $72 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.
Concerns over fiscal health in European countries and the
impact of austerity plans on economic growth have been nagging
financial markets, with the U.S. and European stock markets
falling.
Front-month U.S. crude <CLc1>, down 17 percent from a
19-month high above $87 in early May, rose 38 cents to $71.82 by
1400 GMT. ICE Brent <LCOc1> fell 10 cents to $72.02.
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 the oil stocks report 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 will follow on Wednesday at 1430 GMT.
"The stock data will have a significant impact as it will be
the first to give indications of the driving season. The shape
of U.S. gasoline demand will be really important," said
Christophe Barret, an 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 look 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 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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For a graphic on the performance of oil and other
commodities so far this year, click here:
http://link.reuters.com/hun72k
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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 report, 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
<BP.L> massive spill in the gulf. []
Britain said it would increase its inspection of North Sea
drilling rigs and monitoring of offshore practices in the light
of the spill, in a move likely to be among many regulatory
changes to deepwater projects around the world. []
BP said on Monday its cap system captured over 7,500 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 Keiron Henderson and Jane Baird)
