NYMEX-Crude steady above $76 after 1 pct decline

                                
 TOKYO, July 22 (Reuters) - U.S. crude futures stood little
changed above $76 a barrel on Thursday after falling 1.3 percent
a day earlier on Federal Reserve Chairman Ben Bernanke's
expression of concern about the economy and an unexpected rise in
U.S. crude oil inventories last week.
                                
 FUNDAMENTALS
                                
 * NYMEX crude for September delivery <CLc1> was up 6 cents at
$76.62 a barrel by 0006 GMT, after settling down $1.02 at $76.56
a day earlier, its first decline in three days.
                                
 On Wednesday, optimism about the economy lifted oil prices to
$78.57 in early trading, the highest since June 28.
                                
 * Fed Chairman Ben Bernanke said in testimony before the
Senate Banking Committee that the U.S. economy faces "unusually
uncertain" prospects and that the central bank was ready to take
further steps to bolster growth, if needed. [ID:nN21165172]
                                
 * U.S. crude stocks rose 400,000 barrels last week,
distillates jumped 3.9 million barrels and gasoline stocks gained
1.1 million barrels, the U.S. Energy Information Administration
said. [EIA/S]
                                
 Forecasts in a Reuters poll called for a 1.4 million barrel
crude stock drawdown, a 1.7 million barrel increase in
distillates and a 900,000 barrel rise in gasoline stocks.
                                
 * The U.S. National Hurricane Center decreased to 50 percent
from 60 percent the chance that a tropical wave near the
Dominican Republic would strengthen into a tropical depression
over the next day or so.
                                
 Over the next few days, weather models project the system
will cross Florida.
                                
 * Shell Oil Co had begun pulling nonessential staff from Gulf
of Mexico operations because of the threat of a possible tropical
storm. [ID:nN21144118]
                                
 * China's gross domestic product is forecast to grow about
9.5 percent this year, the State Information Centre, a government
think tank, said in a report published in official media on
Thursday.
                                
 China's GDP grew at an annual rate of 10.3 percent in the
second quarter of this year, slowing from the first quarter's
brisk 11.9 percent pace as Beijing steered monetary and fiscal
policy back to normal after a record credit surge to counter the
global crisis. [ID:nTOE66D06L]
                                
 MARKETS NEWS
                                
 * Bernanke's dour assessment of the U.S. recovery hit U.S.
stocks on Wednesday.
                                
 * The euro fell sharply against the dollar while the yen
rallied on Wednesday. [USD/]
                                
 DATA/EVENTS
                                
 * The following data is expected on Thursday:
                                
 - 0758 GMT--Euro Zone Markit Comp Flash PMI/July
                                
 - 0900 GMT--Euro Zone Industrial new orders/May
                                
 - 1230 GMT--US initial claims/wkly
                                
 - 1400 GMT--US Existing home sales/Jun
                                
 RELATED NEWS
> Oil companies start $1 bln Gulf spill project [nN21144813]
                                
 PRICES
 Oil prices as of 0006 GMT          
 Contract Mnth    Price  Change  Day ago     pct     MA-20*
 NYMEX Contracts
 US Crude SEP0   $76.62   +0.06   -$1.02  -1.31%     $75.83
 Heat Oil AUG0   199.35   +0.43    -3.55  -1.75%     201.25
 RBOB     AUG0   206.70   -0.08    -1.08  -0.52%     205.99
 Natgas   AUG0   $4.525  +0.012  -$0.077  -1.68%     $4.582
 ICE Contracts
 Brent    SEP0   $75.35   -0.02   -$0.85  -1.12%     $74.99
 Gasoil   AUG0  $636.00   -1.00  -$10.00  -1.55%    $640.91
 Note: U.S. heating oil and RBOB gasoline contracts listed in
cents per gallon.
 * = 20-day moving average for continuation month.
 (Reporting by Osamu Tsukimori)