* Prices approach top of 2010 trading range
* U.S. probably added jobs in March - survey
* Coming Up: U.S. inventory report from API, 2030 GMT
(Updates prices, adds quotes, detail)
By David Sheppard
LONDON, March 30 (Reuters) - Oil consolidated above $82 a
barrel on Tuesday after a near- 3 percent gain in the previous
session, as a weaker dollar and optimism about the global
recovery kept prices close to their highest level this month.
U.S. crude for May delivery <CLc1> fell 2 cents to $82.15 a
barrel at 0956 GMT, while Brent crude <LCOc1> slipped 6 cents to
$81.11 in London.
Prices have traded in a range between $69 and $84 this
quarter, touching $82.78 on Monday. Prices hit $83.95 a barrel
in January, the highest since October 2008 at the peak of the
financial crisis.
"Range-bound oil prices are a result of optimism about a
global economic recovery clashing with still weak oil market
fundamentals," JBC Energy analyst David Wech said.
A falling dollar has boosted commodities this week as they
become cheaper for other currency holders. The euro <EUR=> has
rebounded by almost 3 cents against the greenback since touching
a 10-month low on Friday after Greece was able to sell
government debt.
U.S. non-farm payrolls probably increased in March, boosted
by temporary census hiring and a snapback from February's
weather-related losses, a Reuters survey showed ahead of
Friday's key report.
This would mark only the second time payrolls have increased
since the recession started in December 2007. []
But the proximity of oil prices to the top of this year's
trading range and rising U.S. crude inventories may offset gains.
"Recent trading ranges create expectations," said David
Moore, a strategist at the Commonwealth Bank of Australia in
Sydney. "The market is not especially tight and the fundamentals
that would underpin a sustained rise are not really in place."
RISING STOCKPILES
U.S. crude inventories probably climbed by 2.6 million
barrels last week, posting their ninth consecutive weekly
increase, a Reuters poll showed on Monday. []
The American Petroleum Institute (API) will publish
stockpile data gathered from industry players at 2030 GMT on
Tuesday, while government statistics from the Energy Information
Administration (EIA) follow on Wednesday.
U.S. gasoline stocks are projected to be down by 1.7 million
barrels, with distillate stocks, which include heating oil and
diesel, down by 1.4 million barrels, the poll showed.
Oil stored at sea has dropped by 24 million barrels from its
peak in November 2009, Goldman Sachs said in a report on Monday.
"We expect the supply-demand balance to continue to tighten
in 2010 as the global economic recovery continues to strengthen
demand, draw inventories and draw OPEC spare capacity back into
the market," Goldman analysts led by Jeffrey Currie said.
Oil producers and consumers gathered at the bi-annual
International Energy Forum (IEF) this week plan to call for
greater oil market stability and transparency as prices hold
near levels OPEC members laud as "perfect" for both groups.
"We're convinced, both producing nations and consuming
nations, that we need price stability," Mexican Energy Minister
Georgina Kessel told Reuters on Monday. []
(Additional reporting by Alejandro Barbajosa in Singapore;
Editing by Keiron Henderson)
(d.sheppard@thomsonreuters.com; +44 (0)207 542 4259; Reuters
messaging: david.sheppard.thomsonreuters.com@reuters.net))
