* Oil expected to average $77.50 in 2010 - Reuters poll
* Market looks to U.S. Fed statement on economy
* U.S. bank plan, weak demand weigh
(Updates prices, adds details, quotes)
By David Sheppard and Gwladys Fouche
LONDON, Jan 25 (Reuters) - Oil prices slipped slightly
towards $74 a barrel on Monday, nearing a one-month low, after a
U.S. proposal to toughen bank trading rules and on continuing
signs of weak demand.
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.
U.S. crude for March delivery <CLc1> rose 25 cents to
$74.29 a barrel by 1403 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> fell 8 cents to $72.75.
"It is very narrow trading today. You could call it
consolidation after last week's fall," VTB Capital analyst
Andrey Krynchenkov said.
"It is quiet ahead of the U.S. Federal Reserve announcement
on interest rates on Wednesday," he added.
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 on
Monday. []
"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," JBC
Energy analyst David Wech said.
Oil prices have broken below the 100-day moving average
around $75.25, a key indicator of market sentiment which
measures the average price of oil over the last three months.
PRICE POLL
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.
The dollar was broadly weaker on Monday. A weak dollar tends
to support commodities priced in dollars as they become cheaper
for holders of other currencies. []
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.
An oil spill in Texas, following a collision between an oil
tanker and a barge in the Sabine-Neche Waterway, blocked
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. []
(Additional reporting by Fayen Wong in Perth; Editing by
William Hardy)
