NYMEX-Crude stays down despite surprise API draw

* API: crude stocks down, against build forecast

* OPEC leaves 2009 and 2010 demand forecasts unchanged

* EIA lowers 2009 global, U.S. oil demand forecast

NEW YORK, Aug 11 (Reuters) - U.S. crude oil futures
remained down in post-settlement trading on Tuesday despite a
surprise crude stock drawdown in weekly inventory data from the
industry group American Petroleum Institute.

Earlier, crude oil futures ended lower, under pressure as
Wall Street fell after economic data spurred caution about the
economic recovery.

Gasoline futures firmed as the API data issued at 4:30 p.m.
EDT (2030 GMT), showed a larger-than-expected stock motor fuel
drawdown. They earlier ended higher amid forecasts that stocks
declined and as New York harbor cash market traders reported
supply tightness.

For the week to Aug. 7, crude stocks declined 1.4 million
barrels to 348.5 million barrels, gasoline stocks declined 2.3
million barrels to 213.4 million barrels and distillate stocks,
which include heating oil and diesel fuel, rose 1.6 million
barrels, the API said.

An expanded Reuters poll of analysts forecast a
700,000-barrel increase in crude stocks, a 1.3 million barrel
drawdown in gasoline stocks and a 200,000 barrel decline in
distillates. [EIA/S]

"This API report overall is mildly supportive because of
the bigger-than-expected drawdown in gasoline stocks. But
traders won't probably do much until tomorrow's EIA data comes
in," said Phil Flynn, analyst at PFGBest Research in Chicago.

Flynn said traders were waiting for the results of the
Federal Reserve's policy-setting meeting on interest rates on
Wednesday.

"I think the inventory data will take a backseat to the
results of that meeting," he added.

The U.S. Energy Information Administration will release its
own report on Wednesday at 10:30 a.m. EDT (1430 GMT).

U.S. equities fell, dragged by a slide in financial shares
and on economic data showing an unexpected large fall in
wholesalers' inventories. [.N]

PRICES

* On the New York Mercantile Exchange, September crude
CLU9 settled down $1.15, or 1.63 percent, at $69.45 a barrel,
trading from $68.71 to $71.25.

* In London, September Brent crude LCOU9 ended down
$1.04, or 1.41 percent, at $72.46 a barrel, trading from $71.91
to $74.19.

* NYMEX September RBOB RBU9 settled 1.48 cents higher, or
0.73 percent, at $2.0422 a gallon, trading from $2.0020 to
$2.0475.

* NYMEX September heating oil HOU9 ended down 1.59 cents,
or 0.82 percent, at $1.9117 a gallon, trading from $1.8842 to
$1.9464.

* The September/September RBOB crack spread <0#RB-CL=R>
ended at $16.32 rising from $14.55 on Monday. The
September/September heating oil crack spread <0#CL-HO=R> ended
at $10.84, up from $10.36 on Monday.

* The spread between the current front month and the
five-year forward crude contract CLc61 ended at $16.86,
edging up from $16.75 on Monday. The September 2014 contract
settled on Tuesday at $86.31, down $1.04, or 1.19 percent.

TECHNICALS

NYMEX crude 10-day/20-day moving average: $69.88/$67.54

Technical support/resistance:

NYMEX crude: $70.00/$73.38

NYMEX heating oil: $1.8899/$1.9835

NYMEX RBOB: $2.00/$2.1090

For a full report on technicals, click on [ID:nLB77468]

MARKET NEWS

* The second tropical depression of the Atlantic hurricane
season formed over the far eastern Atlantic Ocean Tuesday and
will likely strengthen into the basin's first named storm
during the next day or so, the U.S. National Hurricane Center
said. [ID:nN11524858]

* The EIA said it expected global oil consumption to drop
by 1.71 million barrels per day to 83.76 million bpd this year,
compared with 2008. World consumption would rise 940,000 bpd to
84.70 million bpd in 2010, it added.

* For the United States, the EIA cut its 2009 demand
forecast compared with 2008 and lowered its forecast for an
increase in 2010 demand against 2009. [ID:nN11350532]

* Rival oil supplies and sluggish demand recovery will
shrink demand for OPEC's crude oil in 2010. Its forecast for
world oil demand in 2009 and 2010 was flat. [ID:nLB30844]
(Reporting by Gene Ramos, Robert Gibbons and Rebekah Kebede in
New York, and David Sheppard in London; Editing by David
Gregorio)