* Oil gains over 1 pct, tops $83 on bullish Chinese data
* Weak U.S. dollar, cold weather lends further support
* Saudi to slightly cut Feb crude supply to 2 Asian buyers
* Market to eye equities, weekly U.S. inventory data for
cues (Updates prices, adds Saudi cuts Feb crude to 2 Asian
buyers)
By Fayen Wong
PERTH, Jan 11 (Reuters) - Oil prices bounced over 1 percent
and topped $83 a barrel on Monday, thanks to a hobbled U.S.
dollar and weekend data that showed China's crude oil imports
surging by nearly 25 percent to more than 20 million tonnes in
December.
Concerns over gasoline supplies following a fire at Korea
National Oil Corp's Newfoundland refinery in Canada, and cold
weather in the U.S. and Europe, are also lending support to
prices. []
U.S. crude for February delivery <CLc1> rose 64 cents to
$83.39 a barrel by 0414 GMT, after having risen earlier by 1.1
percent. The contract settled up 9 cents at $82.75 a barrel on
Friday.
London Brent crude <LCOc1> gained 70 cents to $82.07.
"The Chinese trade data is providing very strong underlying
support. Combined with the U.S. dollar weakness and cold
weather in the northern hemisphere, the market fundamentals are
now very strong," said Michelle Kwek, an analyst at Informa
Global Markets in Singapore.
"In the near term, we could see prices test the $85 levels
and the longer-term target would be around $90."
But oil is still 43 percent below its July 2008 high of
more than $147 a barrel.
China ended 2009 with record monthly imports of crude oil
and soybeans and a strong appetite for iron ore and copper,
while its aluminium and steel sectors saw a welcome increase in
export volumes. []
Monthly crude oil imports in the world's second-largest
energy consumer leapt above 20 million tonnes for the first
time ever in December, reaching 21.26 million tonnes, up almost
a quarter from November, according to Customs data published on
Sunday.
Hopes that the frigid weather in the United States will
help spur a drawdown in swollen oil inventories in data shown
later this week are also keeping prices supported, analysts
said. The U.S. dollar deepened losses on Monday, with the
index <.DXY> falling 0.62 percent against a basket of
currencies, extending its biggest loss in six weeks after U.S.
jobs data disappointed on Friday.
U.S. employers unexpectedly cut 85,000 jobs in December,
cooling optimism on the labor market's recovery and keeping
pressure on President Barack Obama to find ways to spur job
growth. []
Weak demand in the United States and other developed
economies have weighed on oil prices, with energy markets
looking to wider economic data for signs of a turnaround.
With little economic data due this week, analysts said
traders will seek directions from the equities markets.
U.S. stocks could be in for a bumpy ride this week as three
Dow components kick off the quarterly earnings reporting
season, with investors clamoring for reassurances on future
profits. []
On the supply side, Saudi Arabia, the world's top crude
exporter, will supply February crude oil at around 5 percent
lower than contracted volumes to one Asia buyer, largely steady
from January, industry sources said on Monday. []
Chevron <CVX.N> said on Saturday it had been forced to shut
down 20,000 barrels per day (bpd) of crude oil production in
Nigeria, a day after security sources said gunmen had attacked
a pipeline operated by the U.S. firm. []
(Editing by Clarence Fernandez)
