U.S. oil slipped 7 cents to $106.48 a barrel by 0021 GMT, after settling down $2.01 at $106.55. Brent crude fell $2.62 to settle at $121.55 a barrel, below the front-month contract's 10-day moving average of $121.82.
FUNDAMENTALS
* The United States is considering a release of oil from its strategic reserves in an attempt to stem the surging price of gasoline, Energy Secretary Steven Chu told reporters on Tuesday.
* Iran, facing growing international pressure over its nuclear programme, called for more talks with the U.N. nuclear watchdog on Tuesday and condemned production of atomic weapons as a "great sin".
* Russian state-controlled oil company Rosneft made a small price concession to China, the single biggest consumer of oil from its new eastern fields, to resolve a long-running dispute, a Russian industry source said on Tuesday.
* The International Swaps and Derivatives Association, the arbiter of rules governing the sale and use of credit default swaps, said on Tuesday it will discuss whether Greece's debt swap should be considered a "credit event".
* Partners reversing the Seaway pipeline to carry more oil from Oklahoma to Texas are now asking shippers whether they want the system expanded further, joint news releases said Tuesday.
* Syrian President Bashar al-Assad can be classified as a war criminal, U.S. Secretary of State Hillary Clinton said, as the United Nations announced more than 7,500 civilians had been killed by his forces since the start of the revolt.
MARKETS NEWS
* The euro and commodity currencies held their ground in Asia on Wednesday as hopes that European banks will take up a large offer of cheap three-year cash from the European Central Bank bolstered risk appetite.
* The Dow closed above 13,000 for the first time since May 2008 on Tuesday and the S&P 500 also hit a milestone, as buoyant U.S. consumer confidence data and a sharp drop in oil prices nudged forward the nearly five-month rally.
DATA/EVENTS
* The following data is expected on Wednesday:
- 0500 Japan Construction orders yy Jan
- 0530 India Quarterly GDP yy Feb
- 0855 Germany Unemployment rate sa Feb
- 1000 EZ Inflation, final yy Jan
- 1330 U.S. GDP Oct
- 1445 U.S. Chicago PMI Feb
- 1530 U.S. EIA crude stocks Weekly
- 2350 Japan Business capex (MOF) yy Oct
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