* China exports jump 48.5 pct in May, boosts oil, equities
* IEA raises oil demand growth forecast for 2010
* Coming up: Retail sales, consumer sentiment data Friday
(Updates prices, market activity, changes byline, previous dateline LONDON)
By Robert Gibbons
NEW YORK, June 10 (Reuters) - Oil prices climbed more than 1 percent on Thursday in the biggest three-day rally in a month, lifted by strong Chinese export data and as the International Energy Agency raised its estimate of global oil demand.
"Risk appetite is creeping back into the markets," said Carsten Fritsch, analyst at Commerzbank in Frankfurt.
U.S. crude for July <CLc1> rose 89 cents, or 1.2 percent, to $75.27 a barrel at 12:15 p.m. EDT (1615 GMT). ICE Brent <LCOc1> rose 43 cents to $74.70.
China's exports rose 48.5 percent in May from a year earlier, beating forecasts of a 32 percent gain and confirming a Reuters Wednesday report, which helped send oil up more than 3 percent. [
]Stock markets rose and the dollar and gold fell after the Chinese data helped ease some worry over a slowdown in Europe. [
] [ ] <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^Graphic showing oil products in floating storage
http://link.reuters.com/kab49k
Graphic showing crude stored in Cushing, Oklahoma
http://link.reuters.com/mys82k
Reuters Insider show on IEA's David Fyfe
http://link.reuters.com/pub29k ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
The Paris-based IEA revised up its estimate of 2010 global oil demand growth this year due to increased fuel use in the United States and on higher Chinese consumption. [
]The IEA raised its global oil demand growth forecast for 2010 by 70,000 barrels per day to 1.68 million bpd, saying oil demand this year would hit 86.44 million bpd, up from 84.76 million bpd in 2009.
"While the IEA report can certainly be ranked as a bullish surprise for the market, we have to wonder if they aren't just a bit out of sync with the actual developments on the ground over the past month," Tim Evans, analyst at Citi Futures Perspective, said in a report.
David Fyfe, head of the IEA's Oil Industry and Markets Division, said the upward revision was a response to further signs of a recovery in economic activity.
"The demand revision was quite a minor one, but it was based on stronger demand for middle distillates in the United States," Fyfe said.
Earlier this week, the U.S. Energy Information Administration and OPEC monthly reports lowered their 2010 demand growth forecasts slightly.
OPEC also is expected to keep exporting at healthy levels. Seaborne oil exports by OPEC, excluding Angola and Ecuador, will rise by 90,000 bpd in the four weeks to June 26, consultancy Oil Movements said on Thursday. [
]U.S. DEMAND
Oil futures prices jumped sharply on Wednesday after EIA data showed U.S. crude stocks last week dropped a larger-than-expected 1.8 million barrels. [
]Oil inventories at the Cushing, Oklahoma, crude oil hub and delivery point for benchmark U.S. crude rose 111,186 barrels in the week to June 8, to a record 40 million barrels, data from energy industry data provider Genscape said on Thursday. [
]The EIA pegged Cushing stocks down 500,000 barrels to 37.4 million barrels in the week to June 4. Weaker front-month crude futures prices versus months further out <CL-1=R> have been an incentive to buy crude and store it to sell later at higher prices.
(Additional reporting by Gene Ramos in New York, Christopher Johnson in London, Alejandro Barbajosa in Singapore; Editing by Lisa Shumaker)