* Oil rises more than $1, above $48
* U.S. weekly oil stocks data expected to show bearish
rises
* OPEC compliance to cuts at 66 percent for November
(Updates prices)
By Maryelle Demongeot
SINGAPORE, Dec 3 (Reuters) - Oil rose towards $48 a barrel
on Wednesday, recovering from a tumble of more than $100 off
July peaks, but the upside could be limited, with further signs
of weakening oil demand expected in upcoming weekly U.S. oil
data.
Prices have lost more than 13 percent since last week to
stand at three-and-a-half-year lows, on a gloomy economic
outlook and after OPEC deferred a likely third supply cut to
later in December, while showing imperfect compliance with the
two cuts it has already agreed on.
U.S. light crude for January delivery <CLc1> rose 88 cents
to $47.84 a barrel by 0613 GMT, having earlier risen as high as
$48.10.
The contract settled down $2.32 at $46.96 on Tuesday, its
lowest settlement since May 2005, after having broken through
$47.27, $100 below its record high hit in July.
London Brent crude <LCOc1> gained 56 cents to 46.00.
"At the moment, weakness in demand is the key thing
affecting prices," said David Moore, commodity strategist with
the Commonwealth Bank of Australia.
U.S. weekly stocks data, to be released at 1535 GMT, could
show a 1.7 million barrel rise in crude stocks for the week
ended Nov.28, the third consecutive week of increases, a
Reuters poll of analysts found. []
Distillate stocks were forecast to show a 300,000-barrel
increase while gasoline supplies could be up 900,000 barrels,
as demand probably fell, even with lower pump prices ahead of
the Thanksgiving holiday week, some analysts said.
Recession worries could have kept many Americans closer to
home than usual this Thanksgiving, according to travel group
the American Automobile Association.
The U.S. National Bureau of Economic Research said on
Monday the current recession, in which the U.S. has been
plunged for a year, could be the worst since World War Two.
[]
Adding further pressure on prices, supplies appear to be
falling more slowly than expected.
OPEC oil supply fell in November for a third consecutive
month as members began to implement a deal to cut supplies in a
move to halt the slide in oil prices, a Reuters survey showed
on Tuesday. []
But the survey suggested the Organization of the Petroleum
Exporting Countries met only 66 percent of a pledge to lower
output by 1.5 million barrels per day in November -- so far not
enough to counter the slump in oil demand as the world economy
slows.
OPEC members may decide to cut output further at their next
policy-setting meeting in Algeria on Dec. 17 after having opted
to defer a third cut last weekend.
(Reporting by Maryelle Demongeot)
