UPDATE 1-Oil resumes fall towards $60 as economic woes weigh

* Oil falls again after snapping six-day slide on Thursday

* Talk of U.S. and Canada refinery shutdowns support gasoline

* IEA monthly oil report due 0800 GMT (Updates prices, adds IEA report release later in the day)

By Maryelle Demongeot

SINGAPORE, July 10 (Reuters) - Oil resumed its fall towards $60 on Friday and looks set to end the week down about 8 percent, its largest weekly fall since late January, on deepening economic pessimism and fears of new rules to curb futures speculation.

Uncertainty on earnings and economic recovery prospects kept Japanese shares hobbled near seven-week lows on Friday, and further pressured oil prices that briefly dipped below $60 on Thursday. [MKTS/GLOB]

Crude's small gain on Thursday put an end to six consecutive sessions of lower settlements, the longest losing streak since mid-December. Losses were initially triggered by dire U.S. unemployment data the previous Thursday and kept on the boil by a steady stream of poor economic news.

U.S. light crude for August delivery CLc1 fell 40 cents a barrel to $60.01 by 0637 GMT, having settled up a modest 27 cents at $60.41 on Thursday.

London Brent crude LCOc1 lost 34 cents to $60.76.

"Yesterday's market put a stop to the big drop in prices since last week. But there isn't any big move this morning. Everyone has lost their way. Where is the current price?" said Ryuichi Sato, analyst at Tokyo-based Mizuho Corporate Bank.

"$50 is the bottom level but $70 is difficult to break through due to the inventory stockpiles," he added.

Oil prices surged from lows below $34 hit in February to more than double that level in the second quarter on optimism that the global economy could be on the path to recovery.

But prices have fallen 18 percent since the beginning of July from a year-high of $73.38 hit on June 30.

"With crude oil and petroleum product inventories at very high levels, we think any near-term upside to oil prices will be limited and we even see a temporary dip below $60/bbl," Bank of America Securities-Merrill Lynch said in a weekly research report.

Prices have also come under presure this week after the top regulator of U.S. futures markets -- the Commodity Futures Trading Commission -- said it was considering a clampdown on excessive speculation in energy and commodity trading. [ID:nN07310607]

"A strong incentive was created for market participants of all types to draw back from the market, particularly from the long side of U.S. markets," Barclays Capital said in its weekly oil review.