* Oil hovers around $69/bbl, market eyes econ data
* Japan May industrial output jumps 5.9 pct mth/mth
* Obama could mull 2nd US stimulus if needed -adviser
By Fayen Wong
PERTH, June 29 (Reuters) - Oil steadied at above $69 a
barrel on Monday, after falling over a dollar in the previous
session, as the market eyed the release of several key economic
indicators for directions.
Oil fell 1.5 percent on Friday, pressured by weakness on
Wall Street on investor worries that a jump in U.S. savings
rate could hamper economic recovery, and on news that top
African oil producer Nigeria would halt a battle with rebels in
its energy-rich Niger Delta.
U.S. crude for August delivery <CLc1> dipped 13 cents to
$69.03 a barrel at 0019 GMT. The contract fell $1.07 to settle
at $69.16 a barrel on Friday.
London Brent crude <LCOc1> was down 13 cents at $68.79.
"Prices are likely to be pretty range-bound as the market
awaits some important economic data that will be out later in
the week," said David Moore, a commodities analyst at the
Commonwealth Bank of Australia.
A heavy calendar of economic data is on the tap for the
week and the news, including China's Purchasing Managers Index
on Wednesday, U.S. Consumer confidence on Tuesday, U.S. jobs
report and manufacturing data on Thursday, could be
make-or-break factors in determining whether the recent rally
has any legs.
U.S. consumer spending in May rose for the first time since
February and savings hit a record high as federal stimulus
measures boosted incomes, bolstering the view that the economy
was close to emerging from recession. []
But despite positive economic data on Friday, fear still
lingered that the economy will take time to bounce back as U.S.
savings rate hit a record. []
President Barack Obama could discuss a second stimulus
package to boost the economy if needed, but at the moment no
more new money looked necessary, a top White House adviser said
on Sunday. []
Offering a bright spark to the demand picture, industrial
output from world's No. 2 energy consumer Japan jumped 5.9
percent in May, the third straight month of increase after a
big slump. []
In Nigeria, four militant factions on Friday accepted
in-principle an amnesty offer from President Umaru Yar'Adua,
giving a boost to his efforts to end years of unrest in
Africa's biggest oil industry. []
Pipeline bombings, attacks on oil and gas installations and
the kidnapping of industry workers over the past three years
have prevented Nigeria from pumping much above two-third of its
installed oil output capacity of 3 million barrels per day.
On the weather front, a disorganised mass of thunderstorms
over Mexico's Yucatan Peninsula had only a small chance of
developing into a tropical cyclone, the U.S. National Hurricane
Center said on Sunday.
Separately, crude oil speculators on the New York
Mercantile Exchange hiked their net long positions in the week
to June 23, according to data from the Commodity Futures
Trading Commission released on Friday. []
(Reporting by Fayen Wong; Editing by Valerie Lee)
