NYMEX-Oil falls below $75 on recovery doubts, stocks build

SINGAPORE, Aug 31 (Reuters) - U.S. crude futures fell below $75 on Tuesday, halting three days of gains, while inventories in the United States are expected to climb for a second straight week as a slowdown in economic recovery weighed on equities and energy markets.

However, natural gas futures rose, following a rise of 3 percent on Monday, fanned by concerns about rising tropical activity and hotter weather this week through most of the northeast and southern United States. [NGA/]

FUNDAMENTALS

* U.S. crude for October <CLc1> fell 60 cents to $74.10 a barrel by 0020 GMT, after settling down 0.63 percent on Monday, as world stocks fell on skepticism that governments can reverse a slowdown in global growth.

* U.S. crude oil stockpiles rose for the second straight time last week on higher imports, a preliminary Reuters poll of analysts ahead of weekly inventory reports showed on Monday. The average of 10 forecasts called for 1.3 million barrel crude stock build in the week to Aug. 27, with eight analysts expecting an increase. [API/S]

* Three storm systems in the Atlantic basin were expected to steer clear of key oil and gas-producing areas in the Gulf of Mexico, the U.S. National Hurricane Center said on Monday. [ID:nN30177607]

* A rise in U.S. consumer spending in July failed to lift oil and equities markets. Incomes rose, but less than expected. [ID:nN30166431]

MARKETS NEWS

* U.S. stocks fell in the year's lightest volume on Monday as worries about the pace of economic recovery overshadowed data showing a rise in consumer spending and income. [.N]

* The yen rose broadly on Monday after the Bank of Japan's decision to expand cheap loans to banks disappointed investors who had looked for more aggressive measures to curb the yen's strength. But the dollar index <.DXY> was stronger and the euro <EUR=> was weaker versus the dollar in seesaw trading. [FRX/]

* Japan's Nikkei average fell 2 percent on Tuesday, hit by broad profit-taking after Wall Street slipped on renewed concern about the pace of economic recovery. [.T]

Asian stocks are also likely to fall. [ID:nSGE67T0LN]

DATA/EVENTS

* The following data is expected on Tuesday (GMT):

- Japan oil demand, trade data for July

- API weekly oil stocks data for week to Aug. 27 2030

- New York, Chicago August manufacturing indexes 1230-1345

RELATED NEWS > Obama considering new ways to boost economy [ID:nN30177410] > Wheat jumps, economy worries hit other markets [COM/WRAP] > Cloudy US outlook dents shares; yen strengthens [ID:nN30167623]

PRICES Oil prices as of 0023 GMT Contract Mnth Price Change Day ago pct MA-20* NYMEX Contracts US Crude OCT0 $74.09 -0.61 -$0.47 -0.63% $76.67 Heat Oil SEP0 0.00 +0.00 -1.91 -0.93% 205.20 RBOB SEP0 192.80 -0.61 -1.38 -0.71% 199.09 Natgas OCT0 $3.843 +0.031 +$0.107 +2.89% $4.214 ICE Contracts Brent OCT0 $76.02 -0.58 -$0.05 -0.07% $77.26 Gasoil SEP0 $641.50 -2.00 +$4.00 +0.63% $652.89 Note: U.S. heating oil and RBOB gasoline contracts listed in cents per gallon. * = 20-day moving average for continuation month. (Reporting by Florence Tan; Editing by Clarence Fernandez)