* Oil falls to a three-week intraday low of $77.07
* Poor risk appetite and demand concerns weigh
* Market to take cues from Chinese econ data, U.S. stocks
(Releads, updates prices)
By Fayen Wong
PERTH, Jan 18 (Reuters) - Oil prices fell for the sixth
session to below $78 a barrel on Monday, as poor risk appetite
and renewed concerns about energy demand prompted investors to
sell down their positions.
A string of bearish news, such as a cut by the
International Energy Agency in its 2010 global oil demand
growth view, a strong U.S. dollar, poor quarterly results from
JPMorgan Chase & Co <JPM.N> and expectations for reduced
heating demand in the Northern Hemisphere, combined to cut oil
prices by more than 1.7 percent on Friday.
"The oil market is seeing a spillover effect from Friday.
The demand fundamentals remain weak and there also isn't going
to be any economic data out of the U.S. over the next couple of
days that can change the prevailing bearish views," said Ben
Westmore, a commodities analyst at the National Australia Bank.
U.S. crude for February delivery <CLc1> fell 33 cents to
$77.74 a barrel by 0450 GMT on Monday, after having fallen to a
three-week intraday low of $77.07 earlier.
London Brent crude <LCOc1> fell 33 cents to $76.78.
Crude oil prices have steadily fallen since striking a
15-month intraday high of $83.95 a barrel on Jan 11, dragged
down by weak U.S. economic data and fears of a sluggish rebound
in demand in the world's largest energy consumer.
Prices are now still 47 percent below oil's lifetime high
of more than $147 a barrel hit in July 2008.
"Oil prices are going to need a good dose of economic
optimism before they can rebound to the $80 levels again,"
Westmore said.
Asian stocks fell on Monday, while the U.S. dollar and the
yen firmed, after No 2 U.S. bank JPMorgan reported heavy losses
on mortgage and credit card loans, which cast doubt on consumer
demand in the region's largest export market. []
Cold weather across major oil consuming countries has done
little to boost demand, the International Energy Agency said on
Friday in a report that trimmed its global demand growth
forecast by 20,000 barrels per day. []
On OPEC rumblings, Qatar's oil minister said on Sunday the
market was "well-supplied", while Saudi Arabia's deputy oil
minister reiterated that an oil price of between $70 to $80 a
barrel was reasonable, adding that it was too early to predict
the outcome of OPEC's next meeting in March.
[][]
Separately, six major powers discussed on Saturday
prospects of further sanctions against Iran over its nuclear
program, but China made clear it opposed more punitive action
at the moment, participants in the meeting said.
[]
Traders say a raft of Chinese data this week, including
fourth-quarter gross domestic product, retail sales and
industrial production for December, could offer a lift to crude
oil prices. <ECONCN>
Investors will also watch U.S. earnings for cues with IBM
<IBM.N> and Goldman Sachs <GS.N> due to report this week.
[].
(Editing by Clarence Fernandez)
