* U.S. jobless claims fall; durable orders down
* EIA inventory report due at 1530 GMT
* Oil consensus forecast in 2010 rises-Reuters poll
* Dollar index weakens, gold at record high
(Adds detail on U.S. jobless claims, durable goods, updates
prices paragraph 3)
By Alex Lawler
LONDON, Nov 25 (Reuters) - Oil edged above $76 a barrel on
Wednesday as the dollar weakened and investors awaited a report
on U.S. inventories expected to show rising crude stockpiles and
lower distillate supplies.
The dollar weakened, increasing the appeal of oil and
commodities to some investors, and equities moved higher in
Europe, supported by an upward revision in the Federal Reserve's
U.S. growth forecast in 2010.
U.S. crude for January <CLc1> rose 29 cents to $76.31 a
barrel by 1346 GMT, after settling down $1.54 at $76.02 on
Tuesday. Brent crude <LCOc1> was up 64 cents at $77.10.
"There are a few little straws in the wind to help the
market back up, such as better demand in China and the weak
dollar," said Christopher Bellew, a broker at Bache Commodities.
The dollar also supported gold, which struck a record high
for a second time this week. Crude has more than doubled from
below $33 in December, though the market is still far below its
record of more than $147 hit in July 2008.
China's apparent oil demand in October rose 10.3 percent
from a year earlier, the seventh rise in a row, according to
Reuters calculations based on official data on Monday.
[]
HIGHER FORECAST
Oil markets have increasingly looked to economic data this
year for signs of a global recovery to boost demand.
Weekly jobless claims fell below 500,000 in the week to Nov.
21, but durable goods orders were down 0.6 percent in October,
underscoring the bumpy road to recovery for the U.S. economy.
[]
U.S crude is expected to average $75.40 a barrel in 2010, a
Reuters poll showed on Wednesday, but analysts said ample
supplies would keep short-term price growth in check.
The poll of 28 analysts showed a rising consensus forecast
for the seventh consecutive month. In April of this year, the
average forecast for 2010 was $65.95 a barrel. []
Later on Wednesday, a report on U.S. oil inventories from
the Energy Information Administration (EIA) will give the latest
snapshot of supplies. []
Traders will focus on whether the EIA confirms figures from
industry group the American Petroleum Institute on Tuesday,
which showed a 3.3 million-barrel rise in crude inventories. The
EIA report is due at 1530 GMT. []
The EIA report is also expected to show a small decline in
stocks of distillates, which include heating oil and diesel.
(Additional reporting by Jennifer Tan in Singapore; Editing by
Keiron Henderson)
((+44 207 542 4087, alex.lawler@reuters.com; Reuters Messaging:
alex.lawler.reuters.com@reuters.net))
