* Dollar biggest hits in 2 mths vs yen
* OPEC ministers are expected to maintain supply curbs unchanged
* November the Chinese demand for oil up 18.7 pct year (Adds OPEC meeting, updates prices)
Judy Hua
Manila 22nd October (Reuters) - Oil edged on Tuesday before the meeting of OPEC, is strong against the dollar expected to fall in stocks of crude and pure in the United States with a long strong demand in China.
The U.S. currency rose to two-month high against the yen, as investors depend short dollar positions year-end numbers, but eased against a basket of currencies after approaching a high of more than three months on Monday. [CZK /]. DXY
Raw for the new front-month February contract CLc1 rose 27 cents to $ 73.99 a barrel by 0755 GMT. January contract expired on Monday the 89 cents to $ 72.47, under pressure from a stronger dollar.
London Brent crude for February LCOc1 rose 21 cents to $ 73.20.
"Trading volume is reduced, since the Christmas holidays and OPEC expected to keep its quotas unchanged, so no specific factors that may drive the market up and down," said Ken Hasegawa, commodity derivatives trading manager at broker Newedge in Tokyo .
"Money is the most important factor in the time to move on the oil market," he said, adding that prices are expected to range between $ 72 and $ 75.
U.S. oil inventories are expected to affect 1.6 million barrels last week as refiners pulled stocks at year-end tax issues, decline to be followed by a decrease of more than 3 million barrels in the last two weeks, Reuters survey found as the first . [EIA / S]
Clean supplies, including heating oil and diesel, should be down 2.1 million barrels last week, cold and snow bolsted heating oil demand in the U.S. Northeast, the largest country in the heating oil market, the poll showed an early release of the weekly American Petroleum Report Institute during the day.
Data from the government's Energy Information Agency (EIA) will be released Wednesday.
Cold Snap
"Cold weather is a supportive factor, but not enough that large long positions today. Inventory is still high," Hasegawa said, referring to 98 million barrels of distillates stored on board in late November according to the International Energy Agency.
Despite the expected decline in distillate stocks in the U.S. last week, fuel, supplies still above levels a year ago and more than 3 trillion cubic foot of natural gas in the store.
Colder-than-normal weather is expected in much of the United States, January-March, private forecaster WSI said in its latest winter outlook on Monday. [ID: nNYS007636]
Current El Niño event and the cold northern Pacific will contribute to the unusually heavy winterr to help improve gas and electricity demand to occupy large regions, particularly in February and March, the forecaster said.
Factbox for us winter weather season, click on [ID: nN21257897]
Prior to delivery, OPEC President Jose Botelho de Vasconcelos told Reuters that oil prices near $ 75 a barrel, it is desirable and there is no need to change OPEC output targets at its Tuesday meeting in Angola. [ID: nCOM002230]
Officials from the producer group OPEC said, looking likely to require better compliance with existing curbs, Secetary-General said that he would like obedience is more than 75 percent. [ID: nCOM002232]
China has increased exports to the market provided that much fuel to 71 percent in November from a year ago, while diesel increased 12-fold to 390,000 tons, refiners cranked up throughput to new heights, prompting delivery faster than the growth in consumption, which show that the use of company in recent months. [ID: nTOE5BL03L]
Apparent oil demand in the world, the second-largest energy consumer, rose by a record annual rate of 18.7 percent in November from a year earlier, although rapid growth is partly due to the low base last year, Reuters calculations based on official data showed.
* OPEC ministers are expected to maintain supply curbs unchanged
* November the Chinese demand for oil up 18.7 pct year (Adds OPEC meeting, updates prices)
Judy Hua
Manila 22nd October (Reuters) - Oil edged on Tuesday before the meeting of OPEC, is strong against the dollar expected to fall in stocks of crude and pure in the United States with a long strong demand in China.
The U.S. currency rose to two-month high against the yen, as investors depend short dollar positions year-end numbers, but eased against a basket of currencies after approaching a high of more than three months on Monday. [CZK /]. DXY
Raw for the new front-month February contract CLc1 rose 27 cents to $ 73.99 a barrel by 0755 GMT. January contract expired on Monday the 89 cents to $ 72.47, under pressure from a stronger dollar.
London Brent crude for February LCOc1 rose 21 cents to $ 73.20.
"Trading volume is reduced, since the Christmas holidays and OPEC expected to keep its quotas unchanged, so no specific factors that may drive the market up and down," said Ken Hasegawa, commodity derivatives trading manager at broker Newedge in Tokyo .
"Money is the most important factor in the time to move on the oil market," he said, adding that prices are expected to range between $ 72 and $ 75.
U.S. oil inventories are expected to affect 1.6 million barrels last week as refiners pulled stocks at year-end tax issues, decline to be followed by a decrease of more than 3 million barrels in the last two weeks, Reuters survey found as the first . [EIA / S]
Clean supplies, including heating oil and diesel, should be down 2.1 million barrels last week, cold and snow bolsted heating oil demand in the U.S. Northeast, the largest country in the heating oil market, the poll showed an early release of the weekly American Petroleum Report Institute during the day.
Data from the government's Energy Information Agency (EIA) will be released Wednesday.
Cold Snap
"Cold weather is a supportive factor, but not enough that large long positions today. Inventory is still high," Hasegawa said, referring to 98 million barrels of distillates stored on board in late November according to the International Energy Agency.
Despite the expected decline in distillate stocks in the U.S. last week, fuel, supplies still above levels a year ago and more than 3 trillion cubic foot of natural gas in the store.
Colder-than-normal weather is expected in much of the United States, January-March, private forecaster WSI said in its latest winter outlook on Monday. [ID: nNYS007636]
Current El Niño event and the cold northern Pacific will contribute to the unusually heavy winterr to help improve gas and electricity demand to occupy large regions, particularly in February and March, the forecaster said.
Factbox for us winter weather season, click on [ID: nN21257897]
Prior to delivery, OPEC President Jose Botelho de Vasconcelos told Reuters that oil prices near $ 75 a barrel, it is desirable and there is no need to change OPEC output targets at its Tuesday meeting in Angola. [ID: nCOM002230]
Officials from the producer group OPEC said, looking likely to require better compliance with existing curbs, Secetary-General said that he would like obedience is more than 75 percent. [ID: nCOM002232]
China has increased exports to the market provided that much fuel to 71 percent in November from a year ago, while diesel increased 12-fold to 390,000 tons, refiners cranked up throughput to new heights, prompting delivery faster than the growth in consumption, which show that the use of company in recent months. [ID: nTOE5BL03L]
Apparent oil demand in the world, the second-largest energy consumer, rose by a record annual rate of 18.7 percent in November from a year earlier, although rapid growth is partly due to the low base last year, Reuters calculations based on official data showed.
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