* OPEC trims 2010 demand growth forecast
* U.S. government data delayed to Friday
* Large U.S. crude stockbuild, lower Chinese imports weigh
* Dollar strengthens after Bernanke comments
(Updates prices)
By Ikuko Kurahone
LONDON, Feb 10 (Reuters) - Oil dipped below $73 in choppy
trade on Wednesday after OPEC trimmed its 2010 global demand
growth forecast and as the dollar strengthened against the euro.
U.S. crude futures <CLc1> were trading at $72.91 a barrel,
84 cents down, after earlier hitting $74.30.
ICE Brent crude futures <LCOc1> fell $1.11 to $71.01.
The Organization of the Petroleum Exporting Countries, the
source of more than a third of the world's oil supply, said the
slow pace of world economic recovery would put pressure on oil
consumption. []
OPEC said there had been a further rise in production by the
group's 11 members subject to oil output limits. They pumped
26.80 million bpd of crude oil in January, up by around 150,000
bpd from December. []
"There have not been positive signs recently and OPEC is
looking at that more," Eugen Weinberg, analyst at Commerzbank in
Frankfurt, said on Wednesday.
"The report shows supply has increased over the last weeks
from OPEC and from the fundamental point of view it is difficult
to see a positive picture for the oil market."
The euro fell against the U.S. dollar on Wednesday,
surrendering early gains on uncertainty over the outcome of
Thursday's European Union summit on a possible bailout of
debt-strapped Greece. []
DOLLAR BOOST
Federal Reserve Chairman Ben Bernanke saying the U.S.
central bank expects to increase the spread between the discount
rate and the target fed funds rate before long further boosted
the dollar and pushed the euro below the key $1.3700 level.
Dollar strength makes dollar-priced commodities more
expensive for holders of other currencies.
Oil came under further pressure from a large increase in
crude inventories in the United States and a fall in Chinese
crude imports.
Chinese crude imports slid in January, to 4.03 million
barrels per day from their December peak of 5 million bpd,
although they were still up 33 percent on the year.
Crude stocks in the United States, the world's largest oil
consumer, increased by 7.2 million barrels to 337.6 million
barrels in the week to Feb. 5, industry group American Petroleum
Institute (API) said late on Tuesday.
The increase in crude inventories exceeded analysts'
expectations for a 1.5 million barrel rise. []
The release of official data from the U.S. Energy
Information Administration (EIA) has been delayed to Friday from
Wednesday because government offices were closed due to a snow
storm.
The snow storm, the second major one in less than a week,
lashed the East Coast from Washington to New York on Wednesday,
forcing federal and local government agencies, the United
Nations and schools to close. []
(Additional reporting by Joe Brock in London and Jennifer
Tan in Singapore; Editing by Amanda Cooper and Sue Thomas)
