U.S. crude oil futures slipped on Tuesday, after jumping more than 3 percent the previous session as crude futures settled above $68 a barrel. "The complex pulled back overnight as a high correlation between U.S. dollar fluctuations and crude values continues," Jim Ritterbusch, president at Ritterbusch and Associates, said in a research note. "Short term price trends suggest additional price gains this week based primarily on momentum, technical and currency factors, while any additional strength in the equities could accentuate price advances," he added. World stock markets edged higher, shrugging off earlier weakness and adding to gains posted the previous day. [MKTS/GLOB] Wall Street was weaker at the open but moved slightly higher. [.N] The dollar fell to its lowest 2009 level against the euro and a basket of currencies, reversing earlier gains and lending some support to slipping crude. [USD/] Ahead of industry and government inventory reports, a Reuters survey of analysts on Monday yielded a forecast for crude supplies to have fallen last week. Products supplies and refinery utilization were expected to have risen. [EIA/S] PRICES * On the New York Mercantile Exchange at 9:54 a.m. EDT (1354 GMT), July crude CLN9 was down 51 cents, or 0.74 percent, at $68.07 a barrel, trading from $67.50, where technical support was charted, to $68.58. * Monday's $68.68 intraday peak was the highest since $70.46 was reached on Nov. 5. * In London, July Brent crude LCON9 fell 26 cents, or 0.38 percent, to $67.71 barrel, trading from $67.05 to $68.01. * NYMEX July RBOB RBN9 fell 1.04 cents, or 0.54 percent, to $1.9139 a gallon, trading from $1.9048 to $1.9325. * NYMEX July heating oil HON9 dipped 0.19 cent, or 0.11 percent, to $1.7746 a gallon, seesawing between $1.7472 to $1.7790. * The July/July RBOB crack spread <0#RB-CL=R> was at $12.38. It ended at $12.24 on Monday. The July/July heating oil crack spread <0#CL-HO=R> was at $6.63. It ended at $6.03 on Monday. * The spread between the current front month and the five-year forward crude contract CLc61 was at $12.66, based on the July 2014 contract settlement on Monday at $80.73. The spread ended at $12.15 on Monday. TECHNICALS NYMEX crude 10-day/20-day moving average: $63.80/$60.64 Technical support/resistance: NYMEX crude: $67.55/$68.68 NYMEX heating oil: $1.6662/$1.7831 NYMEX RBOB: $1.8689/$1.9537 For a report on technicals click [ID:nL2010844] MARKET NEWS * Oil prices could fall again because fundamentals are still weak, OPEC's director of research said, adding that the recent rally was driven by funds. [ID:nL21005469] * Oil prices could reach $80-$90 a barrel by early next year, but OPEC would not increase its output until a huge amount of over-supply was absorbed, OPEC's Secretary General Abdullah al-Badri said on Tuesday. [ID:nL2655216] * Low energy investment could lead to a future spike in oil prices, the Royal Dutch Shell Plc (RDSa.L) Chief Executive Officer Jeroen van der Veer said. [ID:nL2625260] * China's end-April total crude supply rose to the highest level since 2008, while refined fuel stocks held by state refiners fell, a Xinhua newsletter reported. [ID:nPEK130782] * Saudi Arabia is expected to raise the differentials of its heavy crudes heading to Asia in its July official selling prices, refiners and traders polled said.

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