(Corrects day of week in third paragraph)
SINGAPORE, July 15 (Reuters) - U.S. crude prices fell for a
second day to below $77 on Thursday after U.S. Federal Reserve
minutes renewed concerns about the pace of the economic
recovery, introducing a more downbeat mood across financial
markets.
That countered news of a drop in U.S. crude stockpiles,
which last week plunged a greater-than-expected 5 million
barrels for the second straight week. Government statistics
also showed a reversal in a recent trend of strong demand
growth.
Market participants await Chinese data on economic growth,
industrial production, retail sales and inflation to be
published on Thursday at 0200 GMT.
FUNDAMENTALS
* Front-month U.S. crude fell 46 cents to $76.58 a barrel
at 0102 GMT, after touching a two-week high of $78.15 on
Wednesday. Prices this year have traded in a range of less than
$23, peaking just above $87 in early May before tumbling to
below $65 on May 20.
* Federal Reserve officials last month felt they should be
ready to consider additional steps to boost the U.S. economy if
an already softening outlook took a noticeable turn for the
worse. []
* U.S. crude oil inventories fell last week as crude
imports declined and refinery demand rose, according to U.S.
Energy Information Administration statistics released on
Wednesday. []
* Crude inventories at the key Cushing, Oklahoma delivery
point for the New York Mercantile Exchange oil futures contract
rose 314,000 barrels to 36.1 million barrels.
* Demand for distillate fuels including diesel rose 2.6
percent over the past four weeks from year-earlier levels,
slowing from a 30 percent jump in the equivalent period of the
previous week. Gasoline and total products consumption fell.
* Gasoline and distillate inventories rose more than
expected, by 1.6 million barrels and 2.9 million barrels
respectively.
MARKETS NEWS
* Japan's Nikkei average fell 0.9 percent on Thursday as
tech shares and exporters, which led the market higher the day
before, slid in the wake of the Federal Reserve minutes. []
*
DATA/EVENTS
* The following data is expected on Thursday:
- China GDP yy 0200 GMT
- China Industrial output yy Jun 0200 GMT
- China Retail Sales yy Jun 0200 GMT
- OPEC OPEC Monthly Report Jul 1000 GMT
- U.S. Producer prices mm Jun 1230 GMT
- U.S. Initial Claims 1230 GMT
- U.S. Industrial output mm Jun 1315 GMT
- U.S. Phil Fed business index 1400 GMT
RELATED NEWS
* BP Plc <BP.L> <BP.N> on Wednesday started a crucial test
on its ruptured oil well in the Gulf of Mexico that could lead
to halting the flow of crude that has polluted the ocean and
shoreline since April. []
(Reporting by Alejandro Barbajosa; Editing by Michael
Urquhart) ((alejandro.barbajosa@thomsonreuters.com; + 65 6870
3958; Reuters messaging:
alejandro.barbajosa.thomsonreuters.com@reuters.net))
