SINGAPORE, Sept 9 (Reuters) - Oil rose past $75 after an
industry report showed U.S. crude stockpiles unexpectedly
plunged last week, while easing concerns about the health of
European banks reassured investors about bets on commodities.
FUNDAMENTALS
* U.S. crude for October <CLc1> posted a second straight
gain, rising 58 cents to $75.25 a barrel by 0050 GMT,
approaching this week's high of $75.39 reached on Wednesday.
* ICE Brent <LCOc1> climbed 29 cents to $78.46.
* U.S. crude stocks tumbled 7.3 million barrels last week,
the American Petroleum Institute reported on Wednesday, versus
analysts expectations for a 900,000-barrel gain. The drop came
after imports fell sharply to 8.863 million barrels per day
(bpd) from 9.209 million bpd in the previous week.
* Gasoline stocks rose by 654,000 barrels, compared with
forecasts for a 900,000-barrel drop, the industry group said.
Distillates including heating oil and diesel rose 1.3 million
barrels, versus predictions for a 600,000-barrel rise.
* The U.S. government on Wednesday raised its forecast for
growth in world oil demand this year for the third month in a
row, mainly due to thirst for fuel in China, the Middle East
and Brazil. []
* In its latest monthly report, the Energy Information
Administration boosted its forecast of growth in 2010 world oil
consumption by 50,000 barrels per day from its prior estimate,
projecting a rise of 1.62 million bpd to 85.95 million bpd.
MARKETS NEWS
* Japan's Nikkei average rose 1.1 percent on Thursday,
lifted by short-covering after successful bond auctions in
Portugal and Poland helped ease worries about Europe's debt
problems and pushed up U.S. and European stocks a day earlier.
[]
DATA/EVENTS
* The following data is expected on Thursday, GMT:
- 0500 Japan Consumer confid. index Aug
- 1035 OPEC Monthly Report Sept
- 1100 U.K. BoE rate decision Sept
- 1230 U.S. Initial jobless claims weekly
- 1230 GMT U.S. international trade Jul
- 1300 Euroilstock inventory report Aug
- 1500 U.S. EIA weekly oil inventories, demand to Sept 4
RELATED NEWS
* The U.S. National Hurricane Center was monitoring newly
formed Tropical Storm Igor in the far eastern Atlantic Ocean
and three other weather systems in the basin late on Wednesday.
[]
* Igor was bringing "squally" weather to the Cape Verde
Islands. Early computer models showed the system strengthening
into a hurricane in about three days as it moved west to
northwest in the open Atlantic in a track that would take it
over warm waters over several days, boosting its energy.
* But so far none of the three systems showed any early
signs of entering the oil-rich Gulf of Mexico or disrupting
offshore production.
(Reporting by Alejandro Barbajosa; Editing by Manash Goswami)
