Rupee eases on near record oil, weak industrial data

MUMBAI, May 12 (Reuters) - The Indian rupee traded close to fresh one-year lows in midday trade on Monday, as near record high oil prices pushed up dollar buying by oil firms and a weak factory data raised concerns of a slowdown in the economy.

* At 3.51 p.m., the partially convertible rupee <INR=IN> was at 42.007/017 per dollar, off the day's low of 42.03, the weakest since April 2007. It ended at 41.60/61 on Friday.

* Oil CLc1 traded above $125 a barrel, after touching a record high of $126.27 on Friday. India imports 70 percent of its oil and refiners are among the biggest buyers of dollars in the local market.

* Data on Monday showed the monthly industrial output <INIP=ECI> grew 3 percent in March, against an 8.6 percent rise in February and a market forecast of 6.2 percent. (Reporting by Swati Bhat; Editing by Sunil Nair)