SINGAPORE, June 26 U.S. oil held steady above
$79 on Tuesday as forecasts of a drop in crude stockpiles
supported prices amid low expectations that a European summit
this week could resolve the region's debt crisis and boost
global fuel demand.
U.S. crude edged up 14 cents to $79.35 a barrel by
2349 GMT, after settling down at $79.21 a barrel on Monday.
* U.S. crude oil stockpiles were forecast to have fallen by
700,000 barrels last week due to a drop in imports, a
preliminary Reuters poll showed.
* Some of the Gulf of Mexico's biggest oil and gas producers
began to restart production and restaff evacuated platforms on
Monday as Tropical Storm Debby slowly headed for the Florida
panhandle, away from energy infrastructure in the basin.
* Norwegian gas and oil exports are not threatened for now
by a strike by oil workers, the oil minister said on Monday and
urged the parties involved to make the stoppage as short as
* Saudi Arabia is showing no sign of changing its policy of
high oil output to support global economic growth, despite a
fall in crude prices below $90 a barrel for the first time in 18
* EU governments on Monday formally approved an embargo on
Iranian oil to start on July 1, dismissing calls by debt-ridden
Greece for possible exemptions to help ease its economic crisis.
* The U.S. government published its first official forecast
for booming "tight oil" production on Monday, estimating that
shale formations such as the Bakken in North Dakota will more
than double output in the next two decades.
* A fifth euro zone country turned to Brussels for emergency
funding on Monday when Cyprus announced it was seeking a
lifeline for its banks and its budget, hours after Spain
submitted a formal request to bail out its banks.
* Global stock indexes and the euro sank on Monday on doubts
that a European summit this week would move any closer to
solving the region's debt crisis, a pessimistic outlook that
sparked a bid for safe-haven assets.
* The following data is expected on Tuesday:
- 1400 GMT U.S. consumer confidence for June
- 2030 GMT API weekly oil stocks
(Reporting by Florence Tan; Editing by Chris Gallagher)