LONDON, Feb 4 (Reuters) - European oil product prices dipped on Thursday, following a modest fall in crude. Gasoline swaps showed the arbitrage opportunity to ship the fuel to the United States would improve into March after two sets of weekly oil data from the country showed unexpected fall in gasoline inventories. [EIA/S] GASOLINE AND NAPHTHA * Benchmark Eurobob gasoline barges fell about $10 to $695-$696 a tonne fob from Wednesday's close. * Its crack to dated Brent BFO- was around $8 a barrel. * Dealing was relatively active 11,000 tonnes by mid-day. * Swaps show barge prices to average $696.50 a tonne for February with the crack around $8.50. March is $697.75, with the crack at $7.80. * The arbitrage swap widened to $3.50 for February. March was open at $13.40. MIDDLE DISTILLATES * Barges of gas oil with 0.1 percent sulphur were offered around premium of $2 a tonne fob ARA to February ICE gas oil futures and 10ppm diesel at premiums of $16 a tonne. * February ICE gas oil futures LGOc1 fell $10.75 to $606.50 a tonne. * The prompt crack fell 8 cents to $7.12 a barrel from Wednesday's close. FUEL OIL * High sulphur fuel oil (HSFO) with 3.5 percent sulphur traded at $438.50 a tonne fob ARA. * HSFO's crack spread tightened to minus $5.50 a barrel from minus $6.15 a barrel in the previous day.

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