NYMEX-Crude pressured by recovery, demand concerns

* Oil markets, Wall Street weighed by recovery concerns

* EIA ups 2009 world demand forecast, lowers U.S. view

NEW YORK, July 7 (Reuters) - U.S. crude oil futures fell on Tuesday as
concerns about the pace of economic recovery and continued tepid demand
amid swollen inventories sent crude prices in retreat from an early high.

"The worries are that the pace of the economic recovery hasn't
materialized the way that people who plunged into the commodity markets
thought, and now they are running for the exits. The question is how far
they will run," said Gene McGillian, an analyst at Tradition Energy in
Stamford, Connecticut.

U.S. stocks extended declines on Tuesday with the S&P 500 down 1
percent on caution ahead of earnings season, while talk of a second
stimulus package underscored worries about the U.S. economic recovery.
[.N]

Adding to support, the dollar rose against the euro as risk aversion
increased amid uncertainty about the outlook for economic growth and U.S.
corporate earnings. [USD/]

The U.S. Energy Information Administration on Tuesday raised its
forecast for 2009 world oil demand by 170,000 barrels per day from its June
estimate of 83.68 million bpd, but lowered its U.S. 2009 demand forecast.
[ID:nN07320228]

PRICES

* On the New York Mercantile Exchange at 12:54 p.m. EDT (1654 GMT),
August crude CLQ9 was down $1.30, or 2.03 percent, at $62.75 a barrel,
trading as high as $64.91. The $62.35 low was the lowest since prices hit
$62.19 on May 29.

Prices have plunged since the hitting a 2009 peak on June 30 of $73.38,
which was the highest intraday front-month crude oil price since crude hit
$75.69 on Oct. 21.

* In London, August Brent crude LCOQ9 dropped $1.05, or 0.64 percent,
to $63.00 a barrel, trading from $62.69 to $64.89.

* NYMEX August RBOB RBQ9 fell 1.80 cents, or 1.03 percent, to $1.7224
a gallon, trading from $1.7127 to $1.7677.

* NYMEX August heating oil HOQ9 fell 2.77 cents, or 1.7 percent, to
$1.5989 a gallon, trading from $1.5905 to $1.6421.

* The August/August RBOB crack spread <0#RB-CL=R> was at $9.59, after
ending at $6.05 on Monday. The August/August heating oil crack spread
<0#CL-HO=R> was at $4.37, after ending at $4.27 on Monday.

* The spread between the current front month and the five-year forward
crude contract CLc61 was at $17.33 based on the August 2014 contract
Monday settlement at $80.08. The spread ended Monday at $16.03.

TECHNICALS

NYMEX crude 10-day/20-day moving average: $68.31/$69.46

Technical support/resistance:

NYMEX crude: $62.15/$66.00

NYMEX heating oil: $1.59/$1.65

NYMEX RBOB: $1.73/$1.82

For a full report on technicals, click on [ID:nL7698408]

MARKET NEWS

* The U.S. regulator of futures markets wants public comment on whether
it should set position limits. [ID:nN06281207]

* Bank of America-Merrill Lynch has raised its oil price forecasts for
2009 to $59 a barrel for Brent LCOc1 and to $58.50 for NYMEX CLc1, up
from earlier forecasts of $52 for both benchmarks. [ID:nSP386285]

* Valero Energy Corp (VLO.N) said a naphtha hydrotreater remained shut
at its refinery in Ardmore, Oklahoma, after a fire Saturday. The crude unit
and fluid catalytic cracker were "on circulation" but not producing.
[ID:nN07310686]
(Reporting by Robert Gibbons, Rebekah Kebede and Gene Ramos;
Editing by John Picinich)