Oil prices dip on high OPEC, U.S. production outlook

SINGAPORE (Reuters) - Crude oil prices dipped in early Asian trading on Tuesday as an expectation of rising OPEC output and a potential increase in U.S. shale production following price rises earlier this year put pressure on markets.

"Investors remained cautious heading into the OPEC... meeting this Friday, with Brent coming under the most selling pressure," ANZ bank said on Tuesday.

"Expectations appear to be shifting from an unchanged strategy to an effective lift in production, as both Iran and Iraq posture about higher exports in 2015. This comes at a time when U.S. shale oil producers are also positioning for a resumption in output after this year's price rises," it added.

FUNDAMENTALS

* Front-month U.S. crude futures were down one cent from their last settlement at $60.19 per barrel by 0016 GMT on Tuesday.

* Brent futures fell 6 cents to $64.82 a barrel.

* The slight falls on Tuesday continued a 1 percent drop the previous session.

* The dollar remains near one-month highs against a basket of currencies <.DXY> as expectations of an interest rate hike from the Federal Reserve this year remain high while the euro is under pressure by Greece's financial crisis and soft euro zone data.

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

0755 Germany Unemployment rate May

0900 Euro zone Consumer prices May

0900 Euro zone Producer prices Apr

1345 U.S. ISM-New York index May

1400 U.S. Factory orders Apr

(Editing by Michael Perry)

WhatsAppFacebookTwitterLinkedinBeloudBluesky