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RTRS:Brent crude falls on Greek debt worries, weak data
 
(Reuters) - Brent crude fell for a fourth day on Wednesday, the longest losing streak since September, on worries that renewed euro zone debt woes and weak economic data from China and the United States could hurt the global recovery and reduce oil demand.

A shock call by Greek Prime Minister George Papandreou for a vote on the currency bloc's bailout plan pummeled global markets and threw into question the survival of crucial efforts to contain the euro zone's sovereign debt crisis.

The gloomy outlook was compounded by data on Tuesday showing slower manufacturing activity in China and the United States, the world's largest oil consumers.

Brent crude was down 26 cents, or 0.24 percent, at $109.28 a barrel by 0612 GMT (2:12 a.m. EDT). Brent prices rose 6.6 percent last month.

U.S. crude on the New York Mercantile Exchange was down 26 cents, or 0.28 percent, to $91.93 a barrel after falling to an intraday low of $90.97. The contract also fell for a fourth day, its longest losing streak since August.

"Greece's referendum plan has introduced a new level of uncertainty over the EU debt crisis," said Nader Naeimi, a strategist at AMP Capital Investors Ltd in Sydney.

"And you have worries about a weakening China, a really heavy consumer of commodities."

The Greek government faced possible collapse as ruling party lawmakers demanded that Papandreou resign for throwing the nation's euro membership into jeopardy.

"It was a very sudden decision and there is a risk that people in Greece will reject the bailout plan," Yusuke Seta, a commodity sales manager at Newedge Japan, said.

"Brent could fall further to $100 because we are anxious over where the world economy is going," Seta said. "The situation is very vulnerable."

China's big manufacturers ran at their slowest pace in October since early 2009 while the pace of growth in the U.S. manufacturing sector slowed in October.

EYES ON FED MEETING, G20

Investors are now waiting for a news conference by U.S. Federal Reserve chief Ben Bernanke later in the day after a two-day policy meeting for further trading cues. The Fed looks set to take a breather from monetary stimulus measures on Wednesday, even if financial market turbulence heightens the chances of action later.

Eyes are also on the European Central Bank's meeting on Thursday for any interest rate reduction to help prevent the region from sliding into a recession, analysts said.

"I'm not expecting concrete ideas from FOMC and G20 so the market could be sold off on disappointment from traders," Newedge's Seta said.

Investors were also watching for any fallout from Monday's bankruptcy filing by brokerage MF Global Holdings Ltd (MF.N) following the discovery that the company failed to protect customer accounts by keeping them separate from its own funds.

U.S. weekly crude inventory data scheduled for later in the day may show an increase in the country's commercial crude stocks for a second consecutive week, a Reuters poll of analysts showed on Tuesday.

But the industry group American Petroleum Institute, in a report late on Tuesday, said domestic crude inventories fell 156,000 barrels last week.

A fall in surplus crude at Cushing, Oklahoma, the pricing point for West Texas Intermediate crude, will narrow the price spread between U.S. crude futures and ICE Brent in the next 12 months, Goldman Sachs said.

(Additional reporting by Jane Lee in KUALA LUMPUR; Editing by Michael Urquhart, Himani Sarkar)
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