NYMEX-Crude inches up after 9th straight day of falls

                                
 TOKYO, Dec 15 (Reuters) - U.S. crude futures inched higher on
Tuesday, after falling for a ninth straight day the previous day
on persisting concerns about high inventories and weak demand.
                                
 FUNDAMENTALS
                                
 * NYMEX crude for January delivery <CLc1> was up 24 cents at
$69.75 a barrel by 0005 GMT, after settling down 36 cents at
$69.51 a day earlier, the lowest settlement since Sept. 29.
                                
 Oil prices have fallen more than $8 a barrel since the Dec. 1
settlement of $78.37 in the longest price slide since July 2001,
as rising inventory levels in the United States showed a sluggish
recovery in oil demand from the recession.
                                
 * Oil came under pressure as stocks at Cushing, Oklahoma, the
delivery point for NYMEX WTI crude futures, have swelled by 7.8
million barrels in the last six weeks to 33.4 million barrels
<USOICC=ECI>, putting pressure on WTI for near-term delivery on
concern of an oil glut in the U.S. Midwest.
                                
 * U.S. crude inventories were expected to have fallen by 2
million barrels last week, according to a preliminary Reuters
poll of analysts. [EIA/S]
                                
 Distillate stocks probably fell 700,000 barrels, while
gasoline stocks were seen up by 1.1 million barrels, the poll
showed ahead of the release of the weekly report by the American
Petroleum Institute later in the day.
                                
 * U.S. heating demand this week is expected to average 5.91
percent below normal across the nation, the National Weather
Service said. Heating oil demand is expected to be about 1.3
percent below normal this week. [ID:nN14376378]
                                
 MARKETS NEWS
                                
 * U.S. stocks closed at 14-month highs on Monday as Abu
Dhabi's $10 billion in aid to help Dubai avoid default eased
concerns and a takeover deal by Exxon Mobil Corp raised optimism
about mergers and acquisitions activity.
                                
 * The dollar was subdued on Tuesday, pulling away from recent
two-month highs against the euro, with markets wary about what
the U.S. Federal Reserve would signal after its two-day policy
meeting. [USD/]
                                
 DATA/EVENTS
                                
 * The following data is expected on Tuesday:
                                
 - 1000 GMT--Germany ZEW Economic Sentiment/Dec
                                
 - 1000 GMT--Euro Zone Labour Cost, Wages/Q3
                                
 - 1245 GMT--US ICSC Chain Stores/Weekly
                                
 - 1330 GMT--NY Fed Manufacturing/Dec
                                
 - 1330 GMT--US PPI Inflation/Nov
                                
 - 1330 GMT--US Producer Prices/Nov
                                
 - 1355 GMT--US Redbook/Weekly
                                
 - 1415 GMT--US Industrial Output/Nov
                                
 - 2130 GMT--US API Petroleum Report/Weekly
                                
 - OPEC Monthly Oil Market Report
                                
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 PRICES
 Oil prices as of 0005 GMT          
 Contract Mnth    Price  Change  Day ago     pct     MA-20*
 NYMEX Contracts
 US Crude JAN0   $69.75   +0.24   -$0.36  -0.52%     $75.54
 Heat Oil JAN0   190.50   -0.32    -0.03  -0.02%     199.16
 RBOB     JAN0   183.24   +0.57    -1.49  -0.81%     195.13
 Natgas   JAN0   $5.340  +0.008  +$0.169  +3.27%     $4.772
 ICE Contracts
 Brent    JAN0       --   +0.00   +$0.01  +0.01%     $76.90
 Gasoil   JAN0       --   +0.00   +$6.25  +1.07%    $613.98
 Note: U.S. heating oil and RBOB gasoline contracts listed in
cents per gallon.
 * = 20-day moving average for continuation month.
 (Reporting by Osamu Tsukimori; Editing by Chris Gallagher)