NYMEX-Crude off, awaits Fed decision, data

* API: large crude build, big gasoline drawdown

* Aramco exec says Saudi concerned about high prices

* Dollar stays week as Fed starts two-day meeting

* Coming up: EIA stocks data, 10:30 a.m. EDT, Wednesday

(Recasts, updates prices, market activity)

NEW YORK, April 26 (Reuters) - U.S. crude oil futures ended near flat for the second day in a row on Tuesday as investors held off making big bets as they await results of a two-day meeting of Federal Reserve policymakers, hoping for a clearer view of the economic outlook.

Traders were also cautious ahead of weekly inventory data, which was forecast in a Reuters poll to show a 1.0 million barrel increase last week.[EIA/S]

Data from the industry group American Petroleum Institute late Tuesday showed domestic crude stocks rose 4.9 million barrels last week due to higher imports. That pulled back crude prices, though still remaining much above the day's session low. [API/S]

The API said gasoline stocks fell 2.1 million barrels, a lot more than the forecast for a 1.3 million barrel drop, and distillate stocks rose 1.5 million barrels, larger than the forecast for a 400,000 barrel increase.

Refinery utilization rose 0.3 percentage point, the API said, lower than the forecast for a 1.0 percentage point rise.

Traders await inventory data from the U.S. Energy Information Administration, usually seen as more definitive than the API report, that will be released on Wednesday at 10:30 a.m. EDT (1430 GMT).

FUNDAMENTALS

* On the New York Mercantile Exchange, June crude CLM1 fell 7 cents, or 0.06 percent, to settle at $112.21 a barrel, after trading from $111.12 to $112.64.

* In London, ICE Brent crude for June delivery LCOM1 setled at $124.14, rising 48 cents, or 0.39 percent, trading between $122.78 and $124.40.

* NYMEX May gasoline RBK1 settled at $3.3572 a gallon, up 3.43 cents or 1.03 percent, after trading from $3.30 to $3.3729. It was the highest close for front-month gasoline since July 15, 2008 settlement at $3.3848.

* U.S. President Barack Obama, acknowledging high gasoline prices could sap the U.S. economy, urged Congress to end tax breaks for oil and gas companies and called on Republicans to back his plan. [ID:nN26281823]

* The U.S. is in a better position than other advanced nations to manage its fiscal issues, Treasury Secretary Timothy Geithner said, noting entitlements were a smaller share of spending than was the case in other countries. [ID:nW1E7FI009]

* U.S. consumers perked up a bit in April as they lowered their forecasts for inflation and worried less about the jobs market, but yet another fall in house prices underscored the challenges facing the recovery. [nN26293308]

* Saudi Arabia is uneasy with high oil prices and concerned about their impact on the global economy, said Khalid al-Falih, chief executive of state oil firm Aramco. [ID:nL3E7FQ1BZ]

* U.S. and British defense chiefs played down the possibility of a Libya-style intervention in Syria, where government forces have shot dead at least 400 civilians protesting the rule of President Bashar al-Assad.

[ID:nN26287888]

* Ballot box snatching and thugeery marred sate governorship elections in Nigeria. [ID:nLDE73P0C6]

* Troops loyal to Muammar Gaddafi extended their campaign to pound Berber towns in Libya's Western Mountains and battled rebels around the port of the city of Misrata. [ID:nLDE73P0O7]

* For more on Middle Est unrest, see [ID:nTOPMEAST]

[ID:nLDE7102CH]

MARKETS NEWS

* Silver posted its largest one-day fall in six weeks affer having hit a 31-year high on Monday, while gold was pressured by uncertainty over the U.S. monetary policy direction [USD/]

* The euro marched to a 16-month high against the dollar as investors bet the U.S. Federal Reserve will lag other major central banks in raising interest rates. In late trading, the dollar dipped 0.30 percent against a currency basket. .DXY.

* U.S. stocks hit their best levels since June 2008 amid a fresh batch of better than expected corporate earnings. [.N]

UPCOMING DATA/EVENTS

* Federal Reserve statement on results of its meeting, 12:30 p.m. EDT (1630 GMT) Wednesday. Fed Chairman Ben Bernanke will later hold a press conference at 2:15 p.m. (1615 GMT).

    SETTLE     NET    PCT     LOW    HIGH  CURRENT  DAY AGO

              CHNG   CHNG                      VOL      VOL
CLc1   112.21   -0.07  -0.1%  111.12  112.64  215,871  209,683
CLc2   112.71   -0.04   0.0%  111.60  113.12   60,134   44,387
LCOc1  124.14    0.48   0.4%  122.78  124.40  137,715   71,951
RBc1   3.3572  0.0343   1.0%  3.3000  3.3739   22,072   35,001
RBc2   3.3072  0.0287   0.9%  3.2531  3.3226   51,116   42,071
HOc1   3.2111  0.0291   0.9%  3.1700  3.2166   15,648   26,420
HOc2   3.2273  0.0284   0.9%  3.1850  3.2325   42,100   44,822
TOTAL MARKET            VOLUME                 OPEN  INTEREST

          CURRENT    Apr 25   30D AVG     Apr 25  NET CHNG
CRUDE        412,734   346,707   599,407  1,548,333      -675
RBOB         116,161   109,497   113,478    302,492       103
HO            95,712   101,567   117,710    315,375    -2,015
 (Reporting by Gene Ramos and Robert Gibbons; Editing by David
Gregorio)

Source: http://www.reuters.com/article/2011/04/26/markets-energy-nymex-idUSN2615283720110426