RPT-Oil slips below $62 after 6-mth peak on US stockdraw

                                
 (Refiles to additional subscribers)
                                
 * Oil boosted by drawdown in U.S. crude inventories
                                
 * Further price support from dollar weakness, Nigeria
unrest
                                
 * Weekly jobless claims, April leading indicators due later
                                
 By Jennifer Tan
                                
 SINGAPORE, May 21 (Reuters) - Oil eased below $62 a barrel
on Thursday, after rallying to a six-month high on Wednesday,
as government data showed a steep drop in U.S. crude and
gasoline stockpiles ahead of the summer driving season.
                                
 The market will study weekly U.S. jobless claims and April
leading indicators due later in the day for more clues on the
pace of demand recovery in the world's top energy consumer.
                                
 U.S. crude <CLc1> for July delivery fell 59 cents to $61.45
a barrel by 0240 GMT. It had settled at $62.04 a barrel, before
trading up to a six-month high of $62.26 in post-settlement
activity. London Brent <LCOc1> was down 59 cents to $60.00.
                                
 "The market is in a technically bullish mode right now --
$62 was one target, and now that we've attained that, a new
range of $55 to $62 is in play, and we're now trading at levels
people were predicting for the end of the year," said Tony
Nunan, risk manager at Mitsubishi Corp in Tokyo.
                                
 "But we might see a sell-off towards the end of the month
as the driving season in the U.S. begins only in June after
Memorial Day, and if the reality of summer demand is not as
strong as the market has anticipated."
                                
 Crude oil and gasoline stockpiles in the United States
tumbled sharply last week, according to the U.S. Energy
Information Administration's report on Wednesday, with crude
declining 2.1 million barrels and gasoline falling 4.3 million
barrels. [ID:nN20509514]
                                
 Data due later is expected to reflect a mildly positive
outlook for the U.S. economy.
                                
 First-time claims for jobless benefits for the week ended
May 16, due at 1230 GMT, are expected to slip to 630,000 from
637,000 in the previous week, a Reuters poll of economists
showed.
                                
 U.S. leading indicators -- due at 1400 GMT -- are forecast
to rise 0.8 percent in April, compared with a 0.3 percent
decrease in March, according to another survey of economists by
Reuters.
                                
 Oil was also boosted by the U.S. currency's weakness. The
dollar fell to a two-month low against the yen on Thursday,
extending the previous day's slide when optimism about the U.S.
economy reduced safe-haven demand for the greenback.
[ID:nTKW006404]
                                
 Further price support came from unrest in OPEC member
Nigeria, Africa's top oil and gas exporter.
                                
 Shooting broke out in the Nigerian oil port city of Warri
on Wednesday following days of military helicopter and gunboat
raids on militant camps in the surrounding creeks.
[ID:nLK90087]
                                
 Top Italian oil and gas company ENI SpA <ENI.MI> declared
force majeure for its Brass River export terminal in Nigeria,
adding that its output affected so far was 9,000 barrels per
day. [ID:nMAT009592]
                                
 The Organization of Petroleum Exporting Countries, which
has agreed to cut 4.2 million barrels per day of output since
September in a bid to prop up oil prices, will meet again on
May 28 to decide output targets.
                                
 But OPEC has no reason to cut production again at the
meeting, Algerian Energy and Mines Minister Chakib Khelil said
this week. [ID:nN19444979]
 (Editing by Clarence Fernandez)