* 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, market activity)
By Robert Gibbons
NEW YORK, June 8 (Reuters) - U.S. oil futures rose on
Tuesday as the euro bounced up, lifting oil ahead of inventory
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 weighed on
Europe's stock markets [] and also had trading on Wall
Street seesawing after a higher open. [].
Front-month U.S. crude <CLc1> rose 44 cents to $71.88 at
1:26 p.m. EDT (1726 GMT), having traded from $70.75 to $72.40.
ICE Brent <LCOc1> rose 9 cents to $72.21.
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. The SNB declined comment. []
U.S. crude inventories were expected to have fallen for the
second straight week as import volumes declined, Monday's
Reuters poll of analysts said ahead of weekly stocks reports.
Industry group the American Petroleum Institute's inventory
report arrives at 4:30 p.m. EDT (2030 GMT) on Tuesday. The more
closely watched data from the U.S. Energy Information
Administration arrives Wednesday at 10:30 a.m. 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 were expected to cause a cut in oil demand
growth projections from leading forecasters this week.
The U.S. EIA report released on Tuesday, the first of three
widely watched oil reports set for release this week, reduced
its global demand growth forecast by 70,000 barrels per day to
a 1.5 million bpd year-on-year boost in 2010. []
The EIA also cut its forecast for 2010 non-OPEC production
growth by 160,000 bpd to 500,000 bpd. []
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 bpd 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 <BP.L> <BP.N> said on Tuesday it had sharply
increased the amount of oil it was capturing from its blown-out
Gulf of Mexico well, but U.S. officials want to know exactly
how much oil is still gushing out. []
(Additional reporting by Gene Ramos in New York and Joe Brock
in London)
