NYMEX-Crude rises over $60 after seesaw trade

TOKYO, July 14 (Reuters) - U.S. crude futures rose to above
$60 a barrel on Tuesday, after dipping on Monday as concerns
about economic recovery continued to pressure oil prices, which
have also been weighed by high inventories and tepid demand.

FUNDAMENTALS

* U.S. oil prices CLc1 finished down 0.3 percent on Monday,
after briefly touching their lowest level in almost two months,
seesawing as the market sought to consolidate after dropping
below $60 last week. [O/R]

* Nigeria's main militant group widened its offensive against
Africa's biggest oil producer on Monday despite the release of
its suspected leader, raising concern there might be further
attacks. [ID:nLD48147]

* U.S. crude oil inventories likely fell last week for the
sixth straight week, a Reuters survey of nine analysts on Monday
showed ahead of weekly inventory data, with some analysts
expecting imports to be down amid weak demand. [EIA/S]

The industry group American Petroleum Institute (API) will
release its report later on Tuesday, while a U.S. government
agency, the Energy Information Association, will issue its own
report on Wednesday.

MARKETS NEWS

* Japan's Nikkei average rose 1.8 percent on Tuesday, buoyed
by exporters such as Kyocera Corp after bullish analyst comments
on the performance of the financial sector helped lift U.S.
stocks more than 2 percent on Monday. [.N]

* The dollar rose higher against the yen on Tuesday, adding
to gains from the previous day, when positive comments from a
bank analyst helped boost hopes that earnings of U.S. financial
companies may not be as weak as initially feared. [USD/]

* Commodities overcame early weakness to settle mostly higher
on Monday but gains were capped by persistent worries about a
long and deep recession. [COM/WRAP]

DATA/EVENTS

* The following data is expected on Tuesday:

- OPEC Monthly Oil Market Report

- U.S. PPI/Core PPI for June (1230 GMT)

- U.S. Retail Sales for June (1230 GMT)

- U.S. Business Inventories for May (1400 GMT)

- API Weekly National Petroleum Report (2030 GMT)

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PRICES
Oil prices as of 0018 GMT
Contract Mnth Price Change Day ago pct MA-20*
NYMEX Contracts
US Crude AUG9 $60.02 +0.33 -$0.20 -0.33% $67.09
Heat Oil AUG9 150.75 +0.37 -2.97 -1.94% 170.87
RBOB AUG9 164.92 +0.98 -1.11 -0.67% 185.11
Natgas AUG9 $3.335 +0.072 -$0.110 -3.26% $3.778
ICE Contracts
Brent AUG9 $60.98 +0.29 +$0.17 +0.28% $66.78
Gasoil AUG9 $488.00 +4.50 -$2.25 -0.46% $541.71
Note: U.S. heating oil and RBOB gasoline contracts listed in
cents per gallon.
* = 20-day moving average for continuation month.
(Reporting by James Topham)