* Weekly API data to show rising U.S. crude, product stocks
* Traders await revised Q3 GDP, Nov consumer confidence
data
* Activity thin ahead of Thanksgiving holiday
(Updates with prices, Iran, U.S. weather)
By Jennifer Tan
SINGAPORE, Nov 24 (Reuters) - Oil eased on Tuesday to hover
above $77 a barrel, held down by a firmer greenback, but trade
thinned ahead of the Thanksgiving holiday and weekly U.S. data
that could show crude stocks rising in the world's top oil
user.
The dollar trimmed losses as Tokyo stocks failed to follow
up a stronger day on Wall Street, prompting some investors to
buy back the dollar, and as others closed dollar-short
positions before the Thanksgiving holiday. []
A weekly report, due later from the American Petroleum
Institute (API), which is likely to paint a more bearish
picture of U.S. energy demand, could offer more trading cues in
a holiday-thinned week.
With a slew of economic data due this week, including
November consumer confidence and revised U.S. third-quarter
gross domestic product figures on Tuesday, as well as the
minutes of the Fed's last policy meeting, traders will be
scouring the numbers for signs of improvement in the world's
largest economy.
"Crude has come off a fraction this morning due to a
stronger dollar, but it's nothing dramatic, and not a lot is
going to happen ahead of the Thanksgiving holiday," said Peter
McGuire, Managing Director of Commodity Warrants Australia.
"The market is basically in a holding pattern, awaiting
more data."
U.S. crude for January delivery eased 30 cents to $77.26 a
barrel by 0700 GMT, after settling up 9 cents at $77.56 on
Monday. London Brent crude fell 14 cents to $77.32.
While oil is up about 74 percent this year, it is still
down 47 percent from its July 2008 high over $147 a barrel.
A Reuters survey of analysts forecast U.S. inventory data
to show a 1.6 million barrel build in crude stocks for the week
to Nov. 20, as production rebounded from Gulf of Mexico
disruptions caused by Tropical Storm Ida.
Product stocks were also seen higher ahead of the release
of the weekly report by the American Petroleum Institute at
2130 GMT. []
Oil markets have looked toward broad economic data this
year for signs of a global recovery that could boost flagging
fuel demand.
At 1330 GMT, the U.S. Commerce Dept will unveil its revised
estimate of third-quarter GDP growth. Economists forecast a 2.9
percent annualised pace of growth, compared with a 3.5 percent
rate in the first Q3 estimate.
A U.S. consumer confidence reading for November will also
be released by the Conference Board at 1500 GMT. Economists
expect a reading of 47.7, steady versus October's level.
U.S. stocks snapped a three-day losing streak on Monday as
stronger-than-expected home sales data fueled optimism while a
weaker dollar boosted commodity-linked stocks. []
Investors have been buying into commodities in a bid to
hedge against the dollar's weakness and to guard against
concerns an ultra-easy monetary policy could lead to a jump in
inflation as the world economy rebounds.
Prices were also supported by forecasts of a
colder-than-expected U.S. winter early next year and tension
surrounding Iran's air defence war games on Sunday.
Private weather forecaster WSI Corp said on Monday the U.S.
Northeast, the world's top consumer of heating oil, would have
a warmer December than normal, followed by colder than usual
temperatures in January and February. []
Iran's war games came a day after senior officials from six
world powers said they were disappointed the country had not
accepted proposals meant to delay its potential to make nuclear
weapons, with U.S. President Barack Obama warning there could
be a package of sanctions within weeks. []
(Editing by Clarence Fernandez)
((jennifer.tan@thomsonreuters.com; +65-6417 4679; Reuters
Messaging: jennifer.tan.reuters.com@reuters.net))
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