By David Sheppard LONDON (Reuters) - U.S. crude oil eased on Friday, touching its lowest level in almost a month as bulging fuel inventories in the United States highlighted the weakness of demand. By 1330 GMT, U.S. crude futures were down 20 cents at $76.74 a barrel, having fallen by more than $2 in the previous session. In Asian trade on Friday, prices dipped to $76.00 a barrel, the lowest level in almost a month. Brent crude futures rose 9 cents to $76.11. Oil fell 3 percent on Thursday after the U.S. Energy Information Administration (EIA), the statistical arm of the Department of Energy, reported crude and product stocks in the world's largest energy consumer rose more than expected last week. Market analysts said the 1.8 million rise in U.S. crude oil stocks and 2.5 million barrel rise in gasoline stocks highlighted the fact demand remains weak heading into the Northern Hemisphere winter, with the economic slowdown still curbing demand for fuel. "The upside for U.S. crude will remain capped until next year with persistently sluggish demand from the United States," VTB Capital analyst Andrey Kryuchenkov said. Oil prices have more than doubled since crashing to lows near $30 a barrel at the peak of the economic crisis, but they are still nearly 47 percent below their high just above $147 a barrel struck in July 2008. Doubts about the rally continuing have been expressed by some of the biggest names in the oil industry. "Today the price of oil may be $70 or $80, tomorrow it may even be $90," Christophe de Margerie, CEO of French oil major Total (TOTF.PA: Quote, Profile, Research, Stock Buzz), said after a panel discussion at Columbia University in New York on Thursday. "But I'll tell you this. If you look at supply and demand, the price should be lower." Separately, Exxon Mobil Corp (XOM.N: Quote, Profile, Research, Stock Buzz) Chief Executive Rex Tillerson said winter heating demand alone was unlikely to significantly reduce the global fuel inventory glut. FUNDAMENTALS VS DOLLAR Oil analysts have pointed to weakness in the dollar as one of the key reasons for this year's move higher in commodities. Weakness in the greenback makes dollar-priced commodities such as oil and gold attractive as a physical hedge for investors, while they also become cheaper for holders of other currencies. The dollar bounced on Thursday after finding some support against the euro around the $1.50 mark. But after rallying almost 1.5 cents in 24 hours, the dollar slipped back on Friday to almost $1.49 against the single currency. Gold prices have soared to record highs above $1,120 an ounce due to the dollar's near 25 cent loss against the euro since March. Expectations of a strong rebound in energy demand, led by the emerging economies of China and India, have also encouraged investment in oil. China's annual GDP growth rate could reach 10 percent in the fourth quarter of 2009 as the economic recovery exceeds expectations, said Fan Jianping, chief economist with the State Information Center. The International Energy Agency, adviser to 28 industrialized nations, said on Thursday the world would use more oil in the fourth quarter of this year than in 2008 due to a rebound in energy demand in Asia. Bank of America-Merrill Lynch raised its 2010 U.S. crude oil price forecast to $85 a barrel from $75 on Friday, saying stronger demand, loose monetary policy and a weak dollar could see prices spike to $100 by 2011. (Additional reporting by Felicia Loo in Singapore; Editing by Keiron Henderson and Sue Thomas)

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