NYMEX-Crude hovers near $71 ahead of OPEC, stocks data

                                
 TOKYO, Sept 9 (Reuters) - U.S. crude futures hovered around
$71 a barrel on Wednesday, with oil prices dipping slightly after
rising 4.5 percent the previous day, ahead of an OPEC meeting and
the release of inventory data later in the day.
                                
 FUNDAMENTALS
                                
 * NYMEX crude for October delivery <CLc1> was down 8 cents at
$71.02 a barrel by 0057 GMT, after settling up $3.08 on Tuesday,
as weakness in the U.S. dollar fired up inflation fears and
triggered a buying rush. [ID:nSP505483]
                                
 * The Organization of the Petroleum Exporting Countries meets
later in the day, with most analysts expecting the group, the
source of more than a third of the world's oil supply, to
maintain official output levels. [O/POLL]
                                
 * Saudi Arabia, the world's top oil exporter, told 2 major
customers in Asia that it would keep crude oil supplies mostly
steady in October, adding to evidence OPEC will stick to its
official output target. [ID:nT316403]
                                
 * Investors will be on watch for inventory data, delayed by a
day this week due to a U.S. holiday on Monday. Analysts polled by
Reuters on Tuesday expected the data to show a decrease in U.S.
crude inventories of 1.5 million barrels. [EIA/S]
                                
 The American Petroleum Institute (API), an industry group,
will release its inventory report later on Wednesday, while the
U.S. Energy Information Administration, a government
organisation, will release its own data on Thursday.
                                
 MARKETS NEWS
                                
 * Japan's Nikkei stock average edged down 0.4 percent on
Wednesday, hurt by weakness in exporters and banking shares,
while energy-linked shares rose following the previous day's
surge in oil prices. [.T]
                                
 * The U.S. dollar remained under pressure in early Asian
trade on Wednesday, hurt by a huge sell-off by investors moving
to more riskier assets like stocks, commodities and
higher-yielding currencies. [FRX/]
                                
 * The 19-commodity Reuters-Jefferies CRB index <.CRB>, a
barometer of the commodity sector for economists, rose 2.0
percent on Tuesday, with gold riding a wave of technical momentum
to cross $1,000 before settling just below that key psychological
mark. [COM/WRAP]
                                
 DATA/EVENTS
                                
 * The following data is expected on Wednesday:
                                
 - Weekly U.S. Mortgage Market Index                (1100 GMT)
                                
 - ICSC/Goldman Sachs Weekly U.S. Chain Store Sales (1145 GMT)
                                
 - Redbook Weekly U.S. Retail Sales                 (1255 GMT)
                                
 - API Weekly Petroleum Report                      (2030 GMT)
                                
 RELATED NEWS
> IMF suggests earlier recovery; U.S. stocks rise     [nL8408497]
> OPEC set to hold supply steady, likes oil price     [nL8235192]
                                
 PRICES
 Oil prices as of 0057 GMT          
 Contract Mnth    Price  Change  Day ago     pct     MA-20*
 NYMEX Contracts
 US Crude OCT9   $71.02   -0.08   +$3.08  +4.53%     $70.43
 Heat Oil OCT9   177.60   -0.65    +6.20  +3.60%     184.13
 RBOB     OCT9   182.60   -0.29    +5.26  +2.96%     195.48
 Natgas   OCT9   $2.865  +0.058  +$0.079  +2.90%     $2.993
 ICE Contracts
 Brent    OCT9   $69.12   -0.30   +$2.89  +4.34%     $71.09
 Gasoil   SEP9  $559.75   -7.75  +$21.25  +3.89%    $580.40
 Note: U.S. heating oil and RBOB gasoline contracts listed in
cents per gallon.
 * = 20-day moving average for continuation month.
 (Reporting by James Topham; Editing by Hugh Lawson)