UPDATE 4-Brent slips below $122 on soft China import data

* U.S. crude inventories seen rising further due to imports

* Coming Up: U.S. API weekly crude stocks; 2030 GMT (Updates prices)

By Ikuko Kurahone

LONDON, April 10 (Reuters) - Oil slipped below $122 on Tuesday as soft Chinese import data raised concerns about oil demand growth in the world's second-biggest consumer.

Front-month Brent crude futures were down 98 cents at $121.69 a barrel at 1030 GMT, having fallen more than $1 earlier. The contract slipped as low as $121.02 on Monday, the lowest since March 15.

U.S. oil fell 68 cents to $101.78.

Investors are watching for signs that China can avoid a hard landing as it tweaks monetary and fiscal policies to cut rising costs and help small businesses hit by a global downturn.

Overall imports grew 5.3 percent, lagging expectations for growth of 9 percent.

"There have been some doubts about global oil demand growth creeping into the market, and China's crude oil import numbers won't help change that perception very much," said Ric Spooner, chief market analyst at CMC Markets.

China's exports grew 8.9 percent compared with a consensus call for 7.2 percent, but the slide in imports suggested soggy domestic demand in the first quarter.

Asia shares slipped along with base metals on worries about the demand outlook for the leading importer of raw materials.

"An important point of the trade numbers is the softer overall import figure," Spooner said. "That raises a question on the country's domestic activity and investment programme and if economic activity has been softer than anticipated."

China's March crude imports were off the previous month's record. Still, the volume rose 8.7 percent on the year to 5.55 million barrels per day (bpd), their third highest ever, data showed, as refiners built stocks while scaling back operations.

Oil and European shares also fell as investors returning from the Easter holiday weekend in Europe cut their exposure to risky assets after surprisingly weak March U.S. jobs data late last week.

On Monday, oil prices fell as revived talks on Iran's disputed nuclear programme eased fears of supply disruption. Negotiations between Iran and world powers are slated on April 14 in Istanbul. The resumption of talks after more than a year tempered worries about an immediate cut in supply.

Oil may come under further pressure on expectations of a further increase in U.S. commercial crude inventories, building on the biggest two-week increase in more than a decade, as higher imports easily outpaced sluggish refinery demand.

Industry group American Petroleum Institute (API) is due to release its numbers later in the day. (Additional reporting by Manash Goswami in Singapore; editing by James Jukwey)