* Weak data, high US gasoline stocks weigh on prices * Worries that U.S. may scale back stimulus measures hurt * OPEC likely to leave policy unchanged at meeting on May 31 (Changes dateline to LONDON, updates prices and adds comment) By Julia Payne LONDON, May 27 (Reuters) - Brent oil crude futures fell towards $102 per barrel on Monday, due to weak economic outlook in a well-supplied market, with oil producer cartel OPEC unlikely to shift policy at a meeting this week. The outlook for global oil demand growth weakened last week after disappointing data from key consumer China and reports showing ample U.S. inventory, which have dragged Brent down from this month's high near $106. Brent futures dropped 31 cents to $102.33 per barrel at 0929 GMT, following the worst weekly performance in five weeks. U.S. crude shed 53 cents to $93.63 per barrel. Trading is expected to be thin on Monday as U.S. markets are closed for Memorial Day, while a public holiday will keep London markets shut as well. Oil came under pressure last week as data showed China's factory activity declined in May for the first time in seven months and U.S. manufacturing grew at its slowest pace since October. The United States and China are the world's top two oil consumers. This came after the Federal Reserve Chairman Ben Bernanke spooked markets by hinting that the bank could soon scale back its stimulus programme. Any signs of reduction in the Fed's asset purchases under its quantitative easing programme may strengthen the U.S. currency and push down the dollar-denominated commodity. Meanwhile, the producer cartel, the Organisation of Petroleum Exporting Counties (OPEC), is odds on to leave output policy unchanged, say delegates who attend meetings. As a risk factor for oil markets, its May 31 gathering in Vienna barely features on traders' radar. "There is a risk that prices go down due to demand concerns and that OPEC is unlikely to change anything at the meeting this week," Carsten Fritsch, oil analyst at Commerzbank in Frankfurt said. One reason is that Brent oil prices are very close to top producer Saudi Arabia's favoured $100 a barrel, meaning the producer with the most sway is unlikely to call for a production cut. "People will slowly move towards $100 a barrel at the end of the week unless something unexpected happens in the financial markets or geo-political landscape," Fritsch at Commerzbank said. Data last week also showed stockpiles of gasoline in the United States are close to the highest level for this time of year since 1999. Further cues for oil demand may come from a spate of economic numbers in coming weeks, including the final purchasing manager index (PMI) numbers and China's trade numbers which may shed further light on global economic health and oil demand. Lack of fresh developments in the Middle East also allayed supply worries for now, eroding the support that oil prices have been getting from tensions in the region. (Additional reporting by Ramya Venugopal in Singapore; Editing by Himani Sarkar and Helen Massy-Beresford)

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