* Oil rebounds after Australia cuts interest rates
* U.S. cuts world oil demand growth forecast
* Some OPEC members are worried by oil price fall
(Adds detail on Iran, updates prices)
By Alex Lawler and Jane Merriman
LONDON, Oct 7 (Reuters) - Oil rose more than $3 a barrel on
Tuesday after a big interest rate cut in Australia raised hopes
that other countries would follow suit to bolster economic
growth, a move that would support oil demand.
The market spiked briefly after a report that a U.S.
warplane violated Iran's territory and was forced to land in
Iran. The report from an Iranian news agency said five senior
U.S. military officials had been released when it was clear the
plane had not entered intentionally.
The U.S. said it was unaware of any U.S. warplanes being
forced to land there.
U.S. crude <CLc1> was up $3.39 at $91.20 a barrel at 1340
GMT. It had settled down $6.07 at $87.81 on Monday after hitting
an eight-month low of $87.56.
London Brent <LCOc1> rose $2.36 to $86.04 a barrel.
Oil's fall on Monday was part of an international market
rout, triggered by the credit crisis.
Oil traders were sceptical the rally would last.
"It's a bit of a recovery, but hardly anything to speak of
after very steep falls," said Christopher Bellew, a broker at
Bache Commodities.
"It would be foolish to think the dawn has come in terms of
oil prices going back up again."
Oil has plummeted from a record high of $147.27 a barrel,
hit in July, as high fuel prices and the growing financial
crisis slow oil demand in top consumer the United States and
other industrialised nations.
Oil's drop has caused worry for some members of the
Organization of the Petroleum Exporting Countries.
"If this volatility continues, OPEC will have to do
something," Shokri Ghanem, chairman of Libya's National Oil
Corporation, told Reuters by telephone.
"We may sit down together before December," he said. OPEC's
next meeting is in December in Algeria.
The spread of the credit crisis has intensified gloom about
the global economic outlook and weakening prospects for oil
demand.
"People are still very worried about the outlook for the
international economy," said David Moore of the
Commonwealth Bank of Australia.
The U.S. Energy Information Administration revised down its
forecast for world oil demand growth in 2009 versus 2008.
The agency cut its forecast by 140,000 barrels per day from
its previous estimate published last month. []
Analysts are watching oil demand from China -- which helped
drive oil's rally from $20 in early 2002 -- for signs the crisis
is hitting consumption in the world's second-largest consumer.
News that Mexico's state-owned oil company Pemex was
evacuating four offshore oil platforms due to tropical storm
Marco could become supportive for prices. []
Marco is expected to approach hurricane strength before
reaching Mexico's Central Gulf Coast later on Tuesday.
(Additional reporting by Annika Breidthardt in Singapore;
editing by Anthony Barker)
