Oil falls toward $48, economic concerns resurface

                                
 * Oil follows Wall Street lower on economic, demand
concerns
                                
 * IMF cuts global growth forecast
                                
 * U.S. crude stocks highest in 19 years, refinery runs up
                                
 By Chua Baizhen
                                
 SINGAPORE, April 23 (Reuters) - Oil prices fell on
Thursday, after poor earnings at a major U.S. bank raised
concerns about the economy and oil demand, underlined by
another jump in U.S crude stocks.
                                
 The Dow and wider S&P index fell on Wednesday after Morgan
Stanley posted its third loss in six quarters, reviving
concerns about the banking sector, while concerns about the
wider economy grew after the International Monetary Fund
slashed its outlook.
                                
 U.S. crude <CLc1> fell 37 cents to $48.48 a barrel by 0227
GMT, after jumping in late trade on Wednesday.
                                
 London Brent crude <LCOc1> fell 18 cents to $49.63.
                                
 "The come back in prices yesterday in New York time was
done very quickly, so the drop in Asian time is just a small
correction," said Ryuichi Sato, an analyst at Tokyo-based
Mizuho Corporate Bank.
                                
 Crude stockpiles in the world's top energy consumer jumped
to a fresh 19-year high last week, the U.S. Energy Information
Administration said. [EIA/S]
                                
 The rise in crude stocks came despite a 3 percentage point
rise in refinery utilisation rates that also led to builds for
oil products.
                                
 The weak economy has slashed demand and pulled crude back
from its record high above $147 hit in July last year, with
expectations for growth continuing to be slashed.
                                
 The International Monetary Fund forecast the global economy
would shrink by 1.3 percent in 2009, the worst recession since
World War 2 and sharply weaker than the 0.5 fall it predicted
in January. [ID:nN21500818]
                                
 Oil prices have risen from the mid-$30s in February to
above $54 a barrel in late-March on hopes that worst may be
over for the global economy, and compliance by OPEC members
with output cuts that has seen OPEC output drop for seven
consecutive months.
                                
 Top Libyan oil official Shokri Ghanem said the cartel is
worried about oversupply in the oil market and wants members to
comply fully with their output targets. [ID:nLM442244]
                                
 The tug between the output cuts and slumping demand has
kept prices bound between $44-$55, a range that analysts said
would not be breached immediately.
                                
 Mizuho's Sato said the market had been supported by the
30-day moving average since the beginning of the month, before
the almost 9-percent fall in prices on Monday broke the level
and turned it into the next resistance point.
                                
 The 30-day moving average stood at $50.00 on Thursday.
                                
 "The market is still in a small range. It just has to find
direction," Sato said.
 (Editing by Michael Urquhart)