By Eric Yep Crude-oil futures are lower but rangebound in Asian trade Friday after settling higher in overnight floor trade on some positive economic data from the U.S. and Europe and a weaker dollar. On the New York Mercantile Exchange, light, sweet crude futures for delivery in September traded at $105.12 a barrel at 0644 GMT, down $0.37 in the Globex electronic session. September Brent crude on London's ICE Futures exchange fell $0.19 to $107.46 a barrel. Nymex crude has been up for 13 of the last 18 sessions, while Brent crude has been up for eight of the last 10 sessions. Nymex is supported by U.S. oil inventories that have fallen for four consecutive weeks and strong refinery runs despite U.S. domestic oil production touching record highs of around 7.56 million barrels a day. Brent is supported by political unrest in the Middle East and multiple supply disruptions in Europe and Africa, although slowing demand in China, the world's second-largest oil consumer, is limiting gains. "Also in Brent's favor, news of potential output cuts in Iraq, the second-largest OPEC producer, in September by 400,000-500,000 barrels a day due to maintenance to the country's southern ports could tighten supplies," ANZ Bank said in a note. The spread between Brent and Nymex crude is currently around $2.30 a barrel after narrowing to zero late last week. West Texas Intermediate "will be trading well over Brent by the end of the year, and that number is going to be big...like $6 big," Carl Larry, president of consulting firm Oil Outlooks and Opinions, said in a note. The key event for markets next week will be the U.S. Federal Open Market Committee meeting July 30-31 to discuss monetary policy. The Fed is likely to vote to keep its $85 billion monthly bond-buying program in place at the meeting, the Wall Street Journal reported Thursday. The U.S. central bank expects to begin winding down asset purchases later this year if the economy strengthens. A growing number of economists seem to think the Fed is likely to begin reducing asset purchases in September from the pace of $85 billion to $65 billion per month, which would damp market sentiment, Singapore-based Phillip Futures said. Nymex reformulated gasoline blendstock for August--the benchmark gasoline contract--rose 80 points to $3.0250 a gallon, while August heating oil traded at $3.0275, 75 points lower. ICE gasoil for August changed hands at $915.00 a metric ton, up $1.25 from Thursday's settlement.

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