* Greece PM's call for bailout referendum weighs on oil
* Weak China, UK PMI data adds pressure on oil, equities
* Euro weakness, dollar strength, weighs on oil
* Coming up: API stocks data, 4:30 p.m. EDT Tuesday
(Recasts, updates prices, market activity)
By Robert Gibbons
NEW YORK, Nov 1 Brent crude prices edged lower
on Tuesday in volatile trade as a possible referendum in Greece
on its debt bailout revived concerns about the euro zone and
weak global economic data pointed to further slowing.
Brent and U.S. crude fell a third straight session, but
both pared losses after a media report said there was growing
opposition from Greek lawmakers to Prime Minister George
Papandreou's call for a referendum.
Papandreou's unexpected move had sent the euro, equities
and oil prices sharply lower along with economic data from
China, Britain and the United States that reinforced concerns
about slowing economies curbing oil demand. [ID:nL5E7M1087]
The Greek government faced possible collapse as ruling
party lawmakers demanded that Papandreou resign for throwing
the nation's euro membership into jeopardy with his call for a
Investors also monitored reverberations from Monday's
bankruptcy filing by brokerage MF Global Holdings Ltd MF.N.
"A big part of the day's downdraft came from the surprise
referendum announcement from Greece and the turmoil at MF
Global is adding to the general bearish mood of the market,"
said Mark Anderle, a broker at TAC Energy in Dallas.
ICE Brent December crude LCOc1 fell only 2 cents to
settle at $109.54 a barrel, having slumped as low as $106.10.
U.S. December crude CLc1 fell $1 to settle at $92.19 a
barrel, ending back above its 100-day moving average of $89.53
after tumbling to $89.17.
Brent's premium to its U.S. counterpart CL-LCO1=R
increased, moving back above $17 a barrel.
Crude trading volume improved from Monday's anemic totals,
with U.S. volume only 14 percent below its 30-day average and
Brent 3 percent below its 30-day average. Both surpassed half a
million lots traded and topped the previous session's totals.
Euro zone debt crisis in graphics:
Singapore International Energy Week: [ID:nL3E7LR0VG]
TABLE-OPEC oil output in October: [ID:nL5E7LV2IX]
U.S. stocks also cut losses after tumbling 3 percent after
the report of growing opposition in Greece to a referendum.
European shares gave a large slice of October gains and posted
the biggest one-day loss in over a month on the intensified
anxiety over the euro zone debt crisis. [.N] [.EU]
"Risk aversion is back," said Eugen Weinberg, head of
commodities research at Commerzbank. "The solution to the euro
zone debt crisis that we thought we were celebrating last week
no longer seems certain."
Copper fell more than 3 percent on the Greece referendum
fallout and on an unexpected slowdown in factory activity in
top metals consumer China. [MET/L]
Global growth expectations weakened on reports from several
key economies showing manufacturing slowing.
China's official purchasing managers' index (PMI) fell in
October to its lowest level since February
The pace of growth in the U.S. manufacturing sector slowed
in October, according to the Institute for Supply Management,
against expectations, though improvement in new orders sounded
a supportive note in a chorus of gloom. [ID:nN1E7A00N9]
The UK PMI survey showed the manufacturing sector fell in
October at its sharpest rate since June 2009. [ID:nL5E7M119D]
U.S. OIL INVENTORIES
Ahead of weekly reports on U.S. oil inventories, MasterCard
said U.S. retail gasoline demand fell last week even as average
retail pump prices dipped slightly. [ID:nN9E7G300B]
U.S. crude inventories were expected to have risen last
week, by 1.1 million barrels, while distillate and gasoline
stockpiles fell, a Reuters survey of analysts showed. [EIA/S]
The industry group American Petroleum Institute's data is
due at 4:30 p.m. EDT (2030 GMT) on Tuesday. The U.S. Energy
Information Administration's report follows on Wednesday
(Additional reporting by Gene Ramos in New York, Christopher
Johnson and Zaida Espana in London and Rebekah Kebede in
Singapore; Editing by David Gregorio and Andrea Evans)