UPDATE 6-Oil pushes above $62 on US inventory data

                                
 * Oil touches six-month high at $62.14
                                
 * U.S. crude inventory falls 2.1 million barrels
                                
 * ENI calls force majeure at Nigerian Brass River terminal
                                
 
                                
 (Updates prices, adds details)
                                
 By Chris Baldwin
                                
 LONDON, May 20 (Reuters) - Oil prices briefly pushed above
$62 a barrel on Wednesday to touch a new six-month high on
bullish inventory data and a spate of refinery accidents in the
United States, in spite of weak market fundamentals.
                                
 U.S. crude oil and gasoline stockpiles fell sharply last
week, the U.S. Energy Information Administration said on
Wednesday, with crude down 2.1 million barrels and gasoline
falling by 4.3 million barrels from last week.[ID:nN20506528]
                                
 "Week over week, the report is very bullish," said Phil
Flynn of Alaron trading in Chicago.
                                
 "There are still questions over the economy, whether these
prices can be sustained, which is why we will probably return to
the stock market to see if there are any signs of economic
help."
                                
 U.S. crude <CLc1> rose $1.47 to $61.57 a barrel by 1503 GMT
after briefly touching $62.14, and London Brent <LCOc1> rose
$1.26 to $60.17.
                                
 Fire struck gasoline making units at two U.S. refineries
this week, triggering a roughly 8 percent spike in U.S. gasoline
futures that will likely filter through to retail pumps just as
the summer driving season begins. [ID:nN19450038]
                                
 Unrest in OPEC member Nigeria, Africa's top oil and gas
exporter, also drove up prices this week. Security forces
clashed with militants on Tuesday near an oil flow station
operated by Chevron <CVX.N> in the western Niger Delta.
                                
 Italy's biggest oil and gas company ENI SpA <ENI.MI> on
Wednesday declared force majeure for its Brass River export
terminal in Nigeria, adding its output affected so far was 9,000
barrels per day. [ID:nMAT009592]
                                
 
                                
 FALLING STOCKPILES
                                
 Oil prices have been on an upward trend since mid-April on
equity-led rallies. They have recovered from below $33 in
December after a plunge from record highs above $147 in July.
                                
 "U.S. gasoline is more than likely still contracting, even
though we are approaching the Memorial Day weekend," said Harry
Tchilinguirian, senior oil analyst at BNP Paribas.
                                
 "The weekly data, from a growth perspective, is not showing
any signs of improvement."
                                
 Commodities markets have closely tracked stock markets in
recent months as dealers seek signs of economic health.
                                
 Tokyo's Nikkei average <.N225> rose 0.6 percent, shrugging
off data that showed Japan suffered a record contraction in the
first quarter. [ID:nT321749]
                                
 Oil data out of Tokyo, centre of the world's No. 2 economy,
also showed gasoline inventories at their lowest level since
September 2007 and kerosene stocks declining to a near
three-year low in part due to strong sales. [ID:nT309678]
                                
 The Algerian oil minister said the Organization of Petroleum
Exporting Countries (OPEC), which has agreed to cut 4.2 million
bpd of output since September to prop up prices, has no reason
to cut output more when it next meets on May 28. [ID:nN19444979]
                                
 "If the price stays at this level ... I don't think there
will be any reason to cut," Algerian Energy and Mines Minister
Chakib Khelil said in Buenos Aires on Tuesday.
 (Additional reporting by Edward McAllister in New York, editing
by Keiron Henderson)