* Oil rises off month-low
* Coming Up: API U.S. petroleum inventory report; 2030
* For a technical view, click: []
(Recasts, updates prices, market activity; new byline, changes
dateline, previously LONDON)
By Joshua Schneyer
NEW YORK, Aug 17 (Reuters) - Oil rose above $76 a barrel on
Tuesday, snapping five days of declines as stronger U.S.
corporate earnings eased worries about the economy and a weaker
dollar made commodities cheaper for holders of other
currencies.
U.S. crude for September delivery <CLc1> rose $1.00 a
barrel to $76.24 a barrel by 1:05 p.m. EDT (1705 GMT),
recovering from a one-month low of $74.86 on Monday.
Europe's Brent crude futures, whose new contract is for
October delivery, rose more sharply, gaining $1.75 a barrel to
$77.38 a barrel. <LCOV0>
Stronger-than-expected earnings reports from bellwether
retailers Wal-Mart and Home Depot helped to push U.S. equities
and oil markets higher. []
"Crude futures have rebounded strongly today, following a
rally on Wall Street after a string of losses," said Mark
Waggoner, President of Excel Futures in Bend, Oregon.
Also supportive was data showing U.S. industrial production
expanded in July at twice the pace that economists had
expected. []
The dollar weakened 0.4 percent against a basket of
currencies <.DXY>. This made oil, which is priced in the U.S.
currency, cheaper for foreign currency holders.
The euro firmed after Ireland and Spain attracted strong
demand in government debt auctions, easing doubts about
financial health of euro zone countries struggling with debt
and slow growth. []
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Graphic on oil's correlations with stocks and the dollar:
http://link.reuters.com/wyq35n
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U.S. data showed producer prices rose in July for the first
time in four months, easing deflation fears. []
In early August, Oil prices reached a three-month high near
$83, but they have tumbled over the past two weeks on concerns
about the global economy and government data showing combined
inventories of crude and oil products in the United States
rising close to 20-year highs.
OIL STOCKS
A Reuters analyst poll ahead of weekly U.S. petroleum
inventory reports showed gasoline stockpiles were likely little
changed from last week, when they stood close to an all-time
high. []
Gasoline stockpiles may have declined by 200,000 barrels
last week, a Reuters survey showed, while distillate fuels
including diesel were expected to have gained 1.3 million
barrels.
Crude inventories probably fell 1.1 million barrels,
according to the poll.
The American Petroleum Institute will publish industry
statistics late on Tuesday, followed by government data from
the Energy Information Administration (EIA) on Wednesday.
U.S. gasoline demand normally peaks in the summer driving
season, draining inventories. But stocks this summer have
risen.
Goldman Sachs, in a weekly commodities research report,
told clients it is likely that global oil demand has recently
been outstripping supply by 600,000 barrels a day on a
seasonally-adjusted basis.
The U.S. bank pointed to a 40 million to 45 million barrel
drawdown in oil stocks kept on tankers at sea over June and
July, which it said far outweighed a rise in global onshore
stocks, which were estimated by the International Energy Agency
to have risen by around 21 million barrels.
(Additional reporting by David Sheppard and Emma Farge in
London, Gene Ramos and Robbert Gibbons in New York, and
Alejandro Barbajosa in Singapore; Editing by David Gregorio)
