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WSJ:Crude-Oil Futures Edge Lower In Asia Ahead Of Data, Fed Statement
 
By Arpan Mukherjee

WELLINGTON-- Crude oil futures edged lower in Asia on Tuesday amid expectations for rangebound trade before key data and events this week that includes a first look at the pace of second-quarter U.S. economic growth, the Federal Reserve's policy meeting and U.S. jobs data.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September traded at $104.35 a barrel at 0625 GMT, down 20 cents in the Globex electronic session. September Brent crude on London's ICE Futures exchange fell 15 cents to $107.30 a barrel.

While supply disruptions and geo-political tensions in the Middle East are likely to support prices, investors are likely to remain cautious ahead of the second-quarter gross domestic product data and Fed statement Wednesday. The weekly crude stockpiles data is also due Wednesday.

"The complex is likely to see some price consolidation in the first half of this week ahead of a busy Wednesday that will bring several macro and oil specific inputs," oil trading advisory firm Ritterbusch & Associates, said in a report.

While the technical picture of crude oil prices appears to be "increasingly bearish," positive macro-economic indicators could limit the downside, it said.

The Fed is expected to offer clues about its plans to wind down its $85 billion-a-month bond buying program, and analysts say there is a risk it could impact the energy market as the U.S. stimulus program, aimed at propping up the economy, has also helped lift crude prices.

Meanwhile, supply disruptions remain a supportive factor for global crude prices, ANZ said in a report.

Disruptions in Libya, Iraq and elsewhere have shaved off 500,000 barrels per day from global supplies, which had already been impacted by ongoing maintenance of the North Sea's Forties pipeline, it added.

At 0625 GMT, oil product futures were mixed.

Nymex reformulated gasoline blendstock for August --the benchmark gasoline contract-rose 100 points to $3.0225 a gallon, while August heating oil traded at $3.0157, 5 points lower.

ICE gasoil for August changed hands at $911.25 a metric ton, down $2.50 from Monday's settlement.
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