* Chinese trade data supports commodities
* Focus returns to oil supply, demand fundamentals
* Coming Up: China inflation data on Tuesday
(Releads with Brent, adds quote paragraph 3, graphic)
By Alex Lawler
LONDON, Feb 14 (Reuters) - Brent crude oil rose towards $102
a barrel on Monday supported by Chinese trade data highlighting
strong demand for raw materials in the world's second-largest
oil consumer.
Investors were also keeping an eye on Egypt's political
transition following the ouster of President Hosni Mubarak and
its potential spillover effects in the Middle East and North
Africa, source of more than a third of the world's oil.
"We're staying up because of the continued risk of further
unrest in the Middle East," said Christopher Bellew, a broker at
Bache Commodities in London, adding Chinese trade data was also
supportive.
Brent crude <LCOc1>, the benchmark in Europe, Africa and the
Middle East, for April was up 91 cents to $101.85 at 1113 GMT.
The events in Egypt helped push Brent above $100 at the end of
last month for the first time since 2008.
U.S. crude, also known as West Texas Intermediate or WTI,
for March <CLc1> was up 12 cents to $85.70. It fell as low as
$85.10 on Friday, the lowest intraday price in 10 weeks.
The premium of Brent to U.S. crude <CL-LCO1=R> reached a
record $16.24 on Friday, the last day of trading for the March
Brent contract. The spread between the April contracts
<CL-LCO2=R> was around $12 on Monday.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Graphic on Brent/U.S. crude: http://r.reuters.com/zad97r
Analysis on Brent: []
Technical view on U.S. crude: []
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
U.S. crude has been weighed down by near-record inventories
at the Cushing, Oklahoma delivery point for U.S. crude futures,
while a steady fall in North Sea supplies -- the physical basis
for the Brent contract - has supported the European marker.
"The crude market has shifted focus back to fundamentals.
WTI was anchored by record crude supplies in Cushing, while
tightness in the North Sea market provided support to Brent
prices," Mark Pervan, head of Commodity Research at ANZ Bank,
said in a report.
RISK PREMIUM
China's trade surplus fell to its lowest in nine months in
January. Crude oil imports rose 27 percent from a year ago to
the fourth highest on record. [] []
"Support is coming today from China's import data," said
analysts at Commerzbank in a report.
"There is still a risk that the wave of protests could
spread to other countries of the region, so the risk premium on
oil prices should remain, at least in part."
In Egypt, the military delivered an ultimatum on Monday to
dozens of committed protesters in Tahrir Square to leave and let
life get back to normal or face arrest. []
Key data for investors this week include Chinese January
inflation figures for release on Tuesday. Traders said consumer
prices may have risen 4.9 percent in the year to January, below
the consensus forecast of 5.3 percent. []
European shares rose to a 29-month high as the talk of
slower-than-expected Chinese inflation data and the strong China
trade figures boosted sentiment. []
The euro fell to a three-week low versus the dollar on
Monday. <.DXY>.
(Additional reporting by Jennifer Tan in Singapore; editing by
James Jukwey)
