RTRS:UPDATE 3-Oil slips towards $102 on abundant supplies worries
* Dollar under pressure as Fed could maintain stimulus for now
* OPEC expected to maintain output policy in Friday meeting
* Coming Up: U.S. EIA weekly crude stocks; 1500 GMT (Recasts, changes dateline from previous SINGAPORE)
By Ron Bousso
LONDON, May 30 (Reuters) - Oil prices eased towards $102 a barrel on Thursday and were on track for a third straight month of losses amid a tepid global demand outlook and abundant supplies in the United States.
Those factors outweighed a weakening of the dollar, on expectations the U.S. Federal Reserve will maintain its stimulus programme. A lower dollar makes commodities cheaper for traders in other currencies.
Brent crude was down 23 cents to $102.20 a barrel by 0852 GMT, extending Wednesday's $1.80 drop and heading for a near-7-percent monthly loss.
U.S. oil fell 48 cents to $92.65, after ending $1.88 lower the previous session following data that showed a surprise gain in U.S. crude and gasoline stockpiles.
Wednesday's report from the American Petroleum Institute showed a 4.4 million barrel increase in U.S. crude inventories for the week to May 24. That was much higher than a Reuters forecast for a fall of 400,000 barrels.
Investors are now waiting for data from the U.S. Energy Information Administration (EIA) later in the day for clues on the outlook for demand from the top oil consumer.
"If official data from the EIA is similar to the API data, we could see further sell-offs in U.S. oil markets," ANZ analysts said in a note.
An upcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC) and China's official Purchasing Managers' Index (PMI) are also on the radar for investors looking for indications on global oil supply and demand.
"No one is expecting a bullish surprise out of the OPEC meeting so we will continue to see stocks build in the world," said Olivier Jakob, analyst at Petromatrix.
OPEC looks set to keep its output policy on a steady course for 2013, retaining it at 30 million barrels per day. Saudi Arabia, its top oil producer, has already set the stage for a swift and easy deal when oil ministers meet on Friday.
"Let me tell you this, this is the best environment for the market. Supplies are plentiful, demand is great, balanced -inventories are balanced," influential Saudi Oil Minister Ali al-Naimi said on Tuesday.
Oil has held above $100 through most of 2012 and this year, and while high by historical standards, it is well below the $125 that rang alarms in major consumer countries last year.
China's PMI likely retreated to 50.1 in May from April's 50.6, a Reuters poll showed, adding to fears that the world's No.2 economy and oil consumer is losing steam. A reading in the Purchasing Managers' Index above 50 indicates expanding activity while one below that level points to a contraction. The report will be released on Saturday morning. (Additional reporting by Manash Goswami; editing by Himani Sarkar and Keiron Henderson)
