* Oil expected to average $77.50 in 2010 - Reuters poll
* Market looks to U.S. Fed statement on economy
* U.S. bank plan, China monetary policy weigh
* Equities dip in Asia, Europe
(Updates prices, adds results of Reuters oil price poll)
By David Sheppard
LONDON, Jan 25 (Reuters) - Oil prices steadied below $75 a
barrel on Monday, after slipping towards a one-month low on
continued market unease over possible tighter Chinese monetary
policy and a U.S. proposal to toughen bank trading rules.
Prices have fallen by almost $10 a barrel over the last two
weeks since hitting a 15-month peak of $83.95 on Jan. 11.
Wall Street stocks had their worst three-day slide in 10
months at the end of last week on fears President Barack Obama's
plan to limit risk-taking by banks would undermine profits, but
U.S. stock index futures pointed to a possible rebound.
[]
"At the end of last week, commodities were pressured after
President Obama announced plans to curb risk taking on Wall
Street by limiting trading activity of financial institutions
and banning commercial banks from proprietary activity," JBC
Energy analyst David Wech said.
"Besides raising concerns that the new ruling could threaten
the profitability of the financial sector, Obama's plan also
raised worries concerning liquidity in commodity markets."
U.S. crude for March delivery <CLc1> rose 23 cents to $74.77
a barrel by 1059 GMT. The contract fell $1.54 to settle at
$74.54 a barrel on Friday, the lowest settlement since Dec. 22,
after trading as low as $74.01.
London ICE Brent <LCOc1> rose 51 cents to $73.34.
Oil prices have broken below the 100-day moving average of
$75.25, a key indicator of market sentiment which measures the
average price of oil over the last three months.
Demand for oil remains relatively weak in the wake of the
financial crisis.
U.S. crude oil is expected to rise to an average of $77.50 a
barrel in 2010, a Reuters poll of 29 market analysts showed on
Monday. []
Analysts said sentiment during the week would be shaped by
the latest U.S. Federal Reserve comments on interest rates due
on Wednesday as well as U.S. existing home sales data and gross
domestic product for the fourth quarter.
China, the fastest growing oil market and the world's second
largest energy consumer, is in focus, with signs Beijing could
move to tighten monetary policy to rein in its booming economy.
[]
European equity markets edged higher on Monday.
Having fallen in seven out of eight trading sessions since
Jan 11, oil prices could see some support near current levels,
analysts said. More bearish news could push the price toward a
low of $68.59 -- last seen in late December.
OIL SPILL
An oil spill in Texas, following a collision between an oil
tanker and a barge in the Sabine-Neche Waterway, is blocking
seaborne supplies to four Texas refineries representing 6.5
percent of U.S. capacity. []
Texas officials said the clean-up of the 11,000 barrels of
oil is underway. The spill is the biggest in Texas since 1991.
Separately, Mexico closed its Dos Bocas oil terminal on
Sunday due to bad weather, the government said. Almost all of
Mexico's crude oil exports are shipped to refineries on the Gulf
Coast of the United States. []
Money managers boosted their net long crude oil futures
positions -- bets prices will rise -- on the New York Mercantile
Exchange in the week through Jan. 19, the Commodity Futures
Trading Commission (CFTC) said on Friday.
But some analysts cautioned this could actually lead to
lower prices. []
"The latest CFTC net non-commercial position reports reveal
that there has hardly been any retrenchment in length this past
week in crude oil or gasoline, implying that further selling
could easily come our way if many of the 'stale' longs start
heading for the sidelines," MF Global analyst Edward Meir said.
(Additional reporting by Gwladys Fouche in London and Fayen
Wong in Perth; Editing by Anthony Barker)
