* Dollar broadly weaker
* Market eyes supply data due late Tuesday, early Wednesday
NEW YORK, June 23 (Reuters) - U.S. crude oil futures edged higher on
Tuesday in choppy trading, lifted from early lows by a weaker dollar and a
bounce by European equities off their lows as oil markets await this week's
inventory reports.
The U.S. dollar fell broadly as stabilizing equity markets in Europe
and the United States eroded safe-haven flows into the greenback.
[ID:nN23542857]
World stocks slipped on Tuesday as concerns about the prospect for an
economic recovery pushed key equity indexes into negative territory for the
year. However, European stocks recouped some losses. [MKTS/GLOB]
Wall Street opened slightly higher after U.S. stocks suffered their
worst one-day loss in two months on Monday. [.N]
"Petroleum markets were down hard yesterday, a little oversold in the
short term, perhaps attracting a little buying ahead of inventory reports
due out later today and tomorrow," said Tom Bentz, analyst at BNP Paribas
Commodity Futures Inc.
Monday's slump in oil markets took place as the NYMEX July crude oil
futures contract expired, with August now in the front-month position.
The oil market also awaited weekly inventory data from the American
Petroleum Institute due Tuesday at 4:30 p.m. EDT (2030 GMT) and from the
U.S. Energy Information Administration on Wednesday at 10:30 a.m. EDT.
A Reuters survey of analysts on Monday yielded a forecast for crude
stocks to have fallen 1.3 million barrels last week on lower imports, while
gasoline stocks and distillate fuels, which include heating oil and diesel,
were expected to be up. [EIA/S]
PRICES
* On the New York Mercantile Exchange at 9:50 a.m EDT (1350 GMT),
August crude CLQ9 was up 38 cents, or 0.56 percent, at $67.88 a barrel,
trading from $66.37 to $68.40.
* The July crude CLN9 contract went off the board Monday at $66.93,
down $2.62, or 3.77 percent on the day.
* In London, August Brent crude LCOQ9 rose 58 cents, or 0.87 percent,
to $67.56 a barrel, trading from $65.90 to $67.94.
* NYMEX July RBOB RBN9 rose 1.97 cents, or 1.06 percent, to $1.8794 a
gallon, trading from $1.8368 to $1.8844.
* NYMEX July heating oil HON9 rose 1.33 cents, or 0.77 percent, to
$1.7408 a gallon, trading from $1.7072 to $1.7525.
* The August/August RBOB crack spread <0#RB-CL=R> was at $10.85. The
August/August heating oil crack spread <0#CL-HO=R> was at $7.10.
* The spread between the current front month and the five-year forward
crude contract CLc61 was at $15.10 based on the August 2014 contract
Monday settlement at $83.06.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $70.38/$68.86
Technical support/resistance:
NYMEX crude: $64.95/$69.40
NYMEX heating oil: $1.6856/$1.7694
NYMEX RBOB: $1.8183/$1.9011
