* 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 and market activity, changes
byline and moves dateline from previous LONDON)
By Robert Gibbons
NEW YORK, June 8 (Reuters) - U.S. oil futures rose on
Tuesday as the euro bounced up, lifting oil ahead of data
expected to show U.S. crude stocks fell last week.
Trading was choppy as worries over Europe's fiscal health
and the impact of austerity plans on economic growth have
weighed on Europe's stock markets [] and kept Wall Street
trading choppy after a higher open. [].
Front-month U.S. crude <CLc1> rose 70 cents to $72.14 at
11:38 a.m. EDT (1638 GMT), having traded from $70.75 to $72.39.
ICE Brent <LCOc1> rose 12 cents to $72.24.
The euro <EUR=> rose to a session peak against the dollar
after seesawing, and also bounced up versus the Swiss franc.
Traders cited possible intervention by the Swiss National Bank
to weaken that currency. []
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's inventory
report arrives at 4:30 p.m. EDT (2030 GMT) on Tuesday, while
the more closely watched data from the U.S. Energy Information
Administration arrives on Wednesday at 10:30 EDT (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 in May when the June contract expired
and though futures bounced, with investors seeming happy to buy
into dips, recent prices in the $70-$75 range remain well below
the $87.15 19-month high reached May 3.
$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 a still struggling U.S.
employment market may cause a cut in oil demand growth
projections from leading forecasters this week.
The U.S. Energy Information Administration report on
Tuesday, the first of three widely watched oil reports set for
release this week, is expected to claw back some of the oil
demand growth it had been looking for. []
The Organization of the Petroleum Exporting Countries
releases its oil outlook on Wednesday followed by the
International Energy Agency's forecast on Thursday.
The IEA, adviser to industrialized nations, is also likely
to cut its estimates of U.S. offshore oil production for 2015
by 100,000-300,000 barrels per day due to potentially tighter
U.S. regulation on deepwater drilling following BP's massive
spill in the Gulf of Mexico. []
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 for global deepwater projects. []
BP Plc's <BP.L> <BP.N> seabed containment cap collected
14,800 barrels of oil on Monday, the highest capture rate yet
since the system was installed last week, the company said on
Tuesday. []
(Additional reporting by Gene Ramos in New York and Joe Brock
in London)
