* Oil up over $2 after ADP U.S. private sector jobs data
* EIA data shows surprise gasoline inventory draw
* Saudi Arabia pumping below 8 mln bpd -Aramco CEO
* BofA stress test results show need for $34bln in capital
(Adds details, updates prices and market activity)
By Rebekah Kebede
NEW YORK, May 6 (Reuters) - Oil rose above $56 a barrel on
Wednesday, as a surprise drop in U.S. gasoline and a slowdown
in private sector job losses in April boosted hopes for a
turnaround in the economy.
U.S. light crude for June delivery was up $2.44 at $56.28 a
barrel by 2:30 p.m. EDT (1830 GMT) after reaching a fresh 2009
peak of $56.47 a barrel.
London Brent crude climbed $2.02 to $56.14.
U.S. private sector job losses slowed in April as employers
cut 491,000 from the salary rolls versus an expected loss of
650,000, a signal that the economy may be on its way to
recovery, according to a report by ADP Employer services.
[]
"Recent 'light at the end of the tunnel' data in terms of
the economic recovery has translated into a modest price
recovery in the complex, independent of any fundamental
statistics, which are still on the 'dark side'," said Jay
Levine, a broker at Enerjay, LLC in Portland, Maine.
U.S. gasoline stocks declined unexpectedly last week,
falling 200,000 barrels to 212.4 million barrels, the Energy
Information Administration said on Wednesday.
The data showed U.S. crude inventories rose again last
week, up 600,000 barrels last week to a fresh 19-year high at
375.3 million barrels, a smaller build than analysts had
expected. []
"Today's numbers weren't as bearish as market expectations
and since the recent rally is based on the economic picture
improving, so too are prices," Levine said.
Oil prices have risen from lows around $33 this winter,
driven higher by stronger equity markets and hopes the economy
may begin to pull out of recession soon.
Slumping demand and growing stockpiles sent crude off
record peaks over $147 a barrel struck in July of last year.
Around 100 million barrels of crude oil and 25 million
barrels of products are estimated to be floating at sea on
giant tankers as supply outstrips demand. []
The Organization of Petroleum Exporting Countries last year
agreed to a series of output cuts to help soak up excess supply
and support oil prices.
The oil minister of OPEC member Venezuela said on Wednesday
that the organization is seeking a minimum oil price of $70 a
barrel and that OPEC production cuts have helped increase oil
prices. []
The head of Saudi Arabia's state oil company Saudi Aramco,
Khalid al-Falih said on Wednesday the kingdom was currently
pumping under 8 million barrels per day (bpd), below its OPEC
target. []
The market was awaiting the results of U.S. government bank
stress tests for signs of an economic recovery that would
indicate growth in oil demand.
One of the tests showed that Bank of America <BAC.N> needs
$34 billion in fresh capital, according to a source familiar
with the results, but the Dow and S&P 500 were up on Wednesday
as investors bet that the capital shortfalls would be
manageable. [] []
Most of the 19 U.S. banks being tested intend to hold news
conferences on Friday to explain the results of the
government's assessments, with about 10 of the 19 banks seen
needing more capital.
(Additional reporting by Eileen Moustakis in New York and
Christopher Baldwin in London; Editing by Christian Wiessner)
