* Dollar rises from 3-yr low vs basket of currencies * U.S. crude stocks seen up last week on import rise * Coming up: API oil stocks data, 4:30 p.m. EDT Tuesday NEW YORK, May 3 (Reuters) - U.S. crude oil futures fell on Tuesday as the dollar strengthened from a three-year low against a basket of currencies and India raised interest rates in an effort to cool inflation. Oil investors also awaited weekly oil inventory data expected to show petroleum stocks rose last week. U.S. crude oil inventories increased last week as imports outpaced refinery demand, according to Monday's Reuters survey of analysts ahead of weekly industry and government reports showed. [ID:nN02236890] Distillate and gasoline stockpiles also were forecast to be higher. A possible threat to demand for oil in the United States, retail gasoline prices hit $3.96 a gallon, rising 8.4 cents in the latest week, the Energy Department said on Monday. [ID:nWNA7528] FUNDAMENTALS * On the New York Mercantile Exchange, June crude CLM1 fell $1.32, or 1.2 percent, to $112.22 a barrel by 8:54 a.m. EDT (1254 GMT), trading from $111.91 to $113.22. * India's central bank stepped up its fight against high inflation, raising interest rates by a bigger-than-expected 50 basis points and vowing to battle price pressures even at the cost of some economic growth. [ID:nL3E7G30NW] * OPEC output fell further in April as fighting in Libya and field maintenance in Angola cut supplies, despite extra oil from Saudi Arabia and Nigeria, a Reuters survey found. Supply from all 12 members of the OPEC averaged 28.42 million barrels per day (bpd) last month, down from a revised 28.48 million bpd in March. [ID:nLDE7421DW] * Syrian security forces swept into the coastal city of Banias, a protest leader said, taking control of another urban center from demonstrators challenging the authoritarian rule of President Bashar al-Assad. [ID:nLDE7420PI] * Saudi Arabia has raised the price of its flagship Arab Light crude oil in June to customers in Asia, an industry source said. [ID:nLDE7420MO] * China's state oil giants PetroChina (0857.HK) and Sinopec (0386.HK) have asked the government to cut fuel consumption tax to reduce their refining losses, a newspaper said. [ID:nL3E7G31WX] MARKETS NEWS * World stocks fell as investors pocketed gains after a five-session winning run, while the dollar edged off a 33-month low, sending crude and copper prices lower. [MKTS/GLOB] * Gold steadied after hitting record highs above $1,570 an ounce the previous day following the death of Osama bin Laden, and silver recovered from its biggest one-day drop in 29 months. [GOL/] * The dollar edged off three-year lows as a build-up of bets to sell it based on loose U.S monetary policy ran out of steam, though gains against the euro were capped by good demand on dips for the shared currency. [USD/] * U.S. stock index futures fell as strength in the dollar pressured commodity prices and investors eyed a possible pullback in equity prices after a recent run-up. [.N] UPCOMING DATA/EVENTS * Euro zone March producer prices rose 0.7 percent from February, more than the 0.6 percent rise expected and the previous 0.8 percent month-to-month rise. * U.S. March factory orders at 10:00 a.m. EDT (1400 GMT) are expected to have risen 1.9 percent from February after falling 0.1 percent the previous month. * American Petroleum Institute oil inventory data to be released at 4:30 p.m. EDT (2030 GMT) on Tuesday. * U.S. Energy Information Administration oil inventory data to be released at 10:30 a.m. EDT (1430 GMT) on Wednesday. 8:54 LAST NET PCT LOW HIGH CURRENT DAY AGO CHNG CHNG VOL VOL CLc1 112.22 -1.32 -1.2% 111.91 113.22 45,516 201,831 CLc2 112.71 -1.30 -1.1% 112.42 113.69 8,584 48,972 LCOc1 123.58 -1.54 -1.2% 122.88 125.02 69,421 131,016 RBc1 3.3287 -0.0191 -0.6% 3.3162 3.3503 5,595 29,816 RBc2 3.2830 -0.0232 -0.7% 3.2690 3.3025 3,290 40,586 HOc1 3.2245 -0.0276 -0.8% 3.2090 3.2486 3,228 22,735 HOc2 3.2393 -0.0276 -0.8% 3.2240 3.2614 974 35,513 * NYMEX crude oil for June CLc1 fell $1.30 to $112.22 a barrel by 8:54 a.m. in volume of 45,516 lots. (Reporting by Robert Gibbons; Editing by John Picinich)

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