* U.S. consumer spending up sharply in July * Hurricanes Danielle, Earl churn in Atlantic * Coming up: API weekly inventory data Tuesday NEW YORK, Aug 30 (Reuters) - U.S. crude oil futures prices slipped on Monday amid investor unease and a slightly stronger dollar after oil posted three straight higher settlements to end last week. Friday's strength came after markets took some comfort from comments by Federal Reserve Chairman Ben Bernanke that the central bank was prepared to act if needed to bolster slowing economic growth. Financial markets also seemed to benefit on Friday when the Commerce Department said U.S. gross domestic product expanded at a 1.6 percent annual rate in the second quarter, slower than the 2.4 percent pace estimated previously, but a touch better than market expectations the figure would be 1.4 percent. [ID:nN26193565] But bulging oil inventories and a raft of weak or disappointing economic data pushed crude prices as low as $70.76 intraday on Wednesday, the weakest front-month crude price since the $70.75 low struck on June 8. Oil prices garnered little support from news on Monday that U.S. consumer spending rose in July at the strongest pace in four months, supported by a small gain in incomes. The income gain was below expectations. [ID:nN30166431] The Commerce Department said spending increased 0.4 percent in July, the largest gain since March. It was flat in June. FUNDAMENTALS * On the New York Mercantile Exchange, October crude CLV0 fell 69 cents, or 0.92 percent, to $74.48 a barrel by 9:20 a.m. EDT (1320 GMT), trading from $74.36 to $75.58. * Hurricane Earl strengthened, buffeting the northern Leeward Islands in the Caribbean on Monday and was expected to become a powerful storm within the next 24 hours, the U.S. National Hurricane Center said. [ID:nN30110403] * Hovensa LLC said on Sunday the company was monitoring weather forecasts at its St. Croix refinery in the Virgin Islands after a watch was put in effect for the region due to Hurricane Earl. [ID:nN29134089] MARKETS NEWS * The yen rose broadly after the Bank of Japan failed to signal aggressive monetary easing measures to help curb yen strength at an emergency meeting, choosing only to expand a fund supply scheme. The dollar index .DXY, measuring the greenback against a basket of currencies, was slightly stronger and the euro EUR= was weaker versus the dollar. * A stronger dollar can pressure crude prices because countries using other currencies must pay more for dollar-denominated oil and also the currency that producers are paid in is more valuable. * S&P 500 index futures edged into positive territory, trimming earlier declines, after data showed consumer spending rose at the strongest pace in four months in July. But later, U.S. stocks were set for a slightly lower open as gains in consumer spending and income and a flurry of activity in mergers and acquisitions failed to entice investors. [.N] * World stocks registered modest gains after last week's assurance from the Federal Reserve that it would do what is needed to spur economic recovery. [MKTS/GLOB] * Gold was marginally firmer as it started its fifth straight week in positive territory. [GOL/] UPCOMING DATA/EVENTS * NYMEX September refined products contracts expire on Tuesday. * American Petroleum Institute weekly oil inventory data at 4:30 p.m. EDT (2030 GMT) on Tuesday. * U.S. Energy Information Administration weekly oil inventory data at 10:30 a.m. EDT (1430 GMT) on Wednesday. 9:20 LAST NET PCT LOW HIGH CURRENT DAY AGO CHNG CHNG VOL VOL CLc1 74.48 -0.69 -0.9% 74.45 75.58 57,892 362,828 CLc2 75.66 -0.55 -0.7% 75.60 76.67 31,329 131,210 LCOc1 76.23 -0.42 -0.6% 76.00 77.05 32,427 188,036 RBc1 1.9393 -0.0086 -0.4% 1.9384 1.9654 1,005 24,290 RBc2 1.9059 -0.0089 -0.5% 1.9049 1.9290 5,183 48,799 HOc1 2.0300 -0.0143 -0.7% 2.0294 2.0517 956 23,595 HOc2 2.0428 -0.0147 -0.7% 2.0426 2.0675 5,825 54,641 * NYMEX crude oil for October CLc1 fell 69 cents to $74.48 a barrel by 9:20 a.m. in volume of 57,893 lots. (Reporting by Robert Gibbons; Editing by Walter Bagley)

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