Global stocks slip as Fed in view

By Jeremy Gaunt, European Investment Correspondent

LONDON (Reuters) - Oil fell back from recent record highs on Tuesday but was still around $118 a barrel while equity markets slipped as investor prepared for a raft of U.S. economic data and a Federal Reserve decision on interest rates.

The dollar gained slightly against major currencies. Markets in Japan were closed for a national holiday.

The price of crude oil dipped after hitting a record of $119.93 a barrel on Monday on supply snags in Nigeria and Britain. U.S. light crude for June delivery was down 77 cents at $117.83 a barrel.

"The issues in Nigeria and North Sea are significant but these outages tend to be overcome pretty quickly, so I think the market is taking profit from record prices," said Mark Pervan, a senior commodities analyst at the Australian & New Zealand Bank.

Nigeria's crude oil output was cut by around half on Monday by striking workers at Exxon Mobil Corp (XOM.N) and recent attacks by rebels on Royal Dutch Shell (RDSa.L) operations.

In Britain, a North Sea crude pipeline, which carries nearly half of the country's oil, was closed on Monday due to a strike.

World stock markets were slightly lower, although MSCI's main world equity index .MIWD00000PUS is up more than 3.5 percent this month around three-month highs.

European stocks were flat, close to two-month highs reached on Monday, hurt by weakening banks after Deutsche Bank (DBKGn.DE) unveiled more writedowns.