* Oil slumps with other commodities after recent highs* Product futures slip; poll shows stocks rose
* Coming up: API oil report 4:30 p.m. EST (2130 GMT)
NEW YORK, Jan 4 (Reuters) - U.S. crude oil futures slid more than 2 percent on Tuesday, posting their biggest one-day percentage loss since mid-November, as investors took some profits after prices rose to a 27-month high on Monday.
Profit-taking also hit a broad range of commodities after the dollar bounced on economic data that showed an increase in U.S. factory orders in November. [ID:nN04226733] Losses were pared after minutes of the Dec. 14 meeting of
Federal Reserve policymakers showed that the Fed would stick with its $600 billion bond-buying program to help stimulate the economy despite growing signs of strength. [ID:nWAL4CE7W1] A Reuters poll showed gasoline stocks rose 400,000 barrels last week and distillate stocks, which include heating oil, gained 300,000 barrels, while crude inventories fell 1.8
million barrels. [EIA/S]
The industry group American Petroleum Institute will release its inventory report Tuesday at 4:30 p.m. EST (2130 GMT). The U.S, Energy Information Administration's more widely watched weekly data will be released at 10:30 a.m. EST (1530 GMT) on Wednesday.
FUNDAMENTALS
* On the New York Mercantile Exchange, crude for February delivery CLG1 settled down $2.17, or 2.37 percent, at $89.38 a barrel, after trading from $88.36 to $92.07.
* NYMEX front-month crude posted its biggest single-day percentage loss since Nov. 16, when prices closed 2.97 percent lower.
* Brent's premium over U.S. WTI rose to $4.15 at the close, the widest since Sept. 29, when the premium hit $4.60. In the day's trading the premium hit a high of $4.27.
* Heating oil and gasoline futures fell from recent two-year highs on forecasts that fuel stocks rose last week ahead of weekly inventory reports.
* The Reuters-Jefferies CRB index .CRB dropped 2 percent in its sharpest one-day fall since mid-November as investors unwound many positions that recently had posted heady gains and braced for first-quarter index fund rebalancing. [COM/WRAP]
* U.S. factory orders unexpectedly increased in November. Orders, excluding transportation, recorded their largest gain in eight months. [ID:nN04219375]
* U.S. retail gasoline demand fell 12.5 percent last week as Americans took days off work after the Christmas holiday, reducing commutes on the last week of the year, MasterCard Advisors' SpendingPulse report showed. [ID:nN04237365]
* Temperatures in the U.S. Northeast were expected to average near to below normal in the six-to-10-day forecast from private forecaster DTN Meteorlogix. [ID:nDTN133]
MARKETS NEWS
* The dollar rebounded from three-week lows against the euro as unexpectedly strong U.S. factory orders bolstered the greenback's appeal, with more gains seen likely, given concerns over the euro area's bond issuance. [UDS/]
* U.S. equities eased, as a selloff in commodities hit resource shares. [.N]
* Copper prices fell after hitting a fresh record high in London and succumbing to a selloff in the broader commodities complex. [ID:nLDE703ONU]
* Gold dived more than 2 percent, its biggest one-day loss since early November, as signs of an improving economy reduced safe-haven buying and a profit-taking in commodities dragged prices off highs. [GOL/]
UPCOMING DATA/EVENTS
* U.S. Commerce Department releases November factory orders at 10 a.m. EST. Economists surveyed by Reuters forecast a decrease of 0.1 percent, following a 0.9 percent fall in the previous month.
* Industry group the American Petroleum Institute's oil inventory report due at 4:30 p.m. EST (2130 GMT) on Tuesday.
* U.S. Energy Information Administration oil inventory data due at 10:30 a.m. EST (1530 GMT) on Wednesday.
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