* Oil takes wait-and-see stance ahead of U.S. jobs data
* Premium of 2nd month U.S. crude vs front stays wide
* Coming Up: U.S. weekly initial jobless claims; 1230 GMT
(Recasts, updates prices)
By Alex Lawler and Joe Brock
LONDON, Sept 2 (Reuters) - Oil fell further below $74 a
barrel on Thursday, weighed by record high inventories in top
consumer the United States and investor caution ahead of U.S.
employment reports.
U.S. crude stockpiles rose more than expected in the week to
Aug. 27, a government report showed on Wednesday. The nation's
nonfarm payrolls probably fell in August, a Reuters survey
showed ahead of a report due on Friday. []
U.S. crude for October delivery <CLc1> fell 64 cents to
$73.27 a barrel by 1157 GMT. ICE Brent <LCOc1> dipped 91 cents
to $75.44, but remained at an atypical premium to U.S. crude
because of high U.S. inventories.
Oil had gained almost 3 percent on Wednesday as reports
showed manufacturing in the United States and China accelerated
in August, raising hopes petroleum stocks would fall and
reviving confidence across markets.
"It may have been a little bit overdone, so we may have a
slight correction today," said Christophe Barret, analyst at
Credit Agricole-CIB, referring to Wednesday's rally. "The big
thing everyone is waiting for is the job numbers on Friday."
European equities turned lower, also weighing on oil prices,
with the European Central Bank expected to extend its liquidity
safety-net on Thursday, delaying its exit from crisis support as
policymakers confront a lopsided euro zone recovery and
vulnerable banks in perimeter countries. []
Other economic indicators due on Thursday include weekly
U.S. jobless claims at 1230 GMT and pending home sales for
August at 1400 GMT. []
Oil's fundamentals were not constructive. U.S. crude
stockpiles rose three times as much as expected in the week to
Aug. 27, adding 3.4 million barrels, the Energy Information
Administration said on Wednesday.
"When you look at the statistics that were reported
yesterday, they were frankly not supportive," Barret said.
Total U.S. petroleum stockpiles rose last week to a high of
1.143 billion barrels, up from 1.139 billion the previous week,
the highest inventory levels since at least 1990, when the EIA
began tallying weekly stocks data.
On the weather front, Tropical Depression Nine in the
eastern Atlantic Ocean strengthened into Tropical Storm Gaston
late on Wednesday as it continued on a westerly path that could
head for the Caribbean.
Some early computer models showed Gaston tracking into the
Caribbean, but it was too early to say if it would threaten the
Gulf of Mexico and its extensive oil installations.
[]
(Additional reporting by Alejandro Barbajosa; editing by James
Jukwey)
