UPDATE 2-Oil steady, U.S. crude stocks build pressures

                                
 (Updates prices, previous SINGAPORE)
                                
 By Randy Fabi
                                
 LONDON, Jan 17 (Reuters) - Oil steadied above $90 on
Thursday, taking a breather from losses of more than $3 in the
past two days as a hefty build in U.S. crude stocks compounded
concerns of a slowing U.S. economy.
                                
 U.S. light crude for February delivery <CLc1> eased four
cents to $90.80 a barrel by 1000 GMT.
                                
 The contract ended down $1.06 at $90.84 on Wednesday, after
hitting a low of $89.26, the weakest level in nearly a month, on
weekly data that showed a larger-than-expected rise in U.S.
crude inventories.
                                
 London Brent crude <LCOc1> for March rose three cents at
$89.53 a barrel.
                                
 "I'm struggling to find any bullish vibes to placate the
bulls in the marketplace as equity, financial and commodity
indices all come under pressure," said Robert Laughlin of MF
Global.
                                
 U.S. crude stocks swelled by 4.3 million barrels to 287.1
million barrels last week, the first build in nine weeks, and
well above the 600,000-barrel rise forecast, the Energy
Information Administration data showed. [EIA/S]
                                
 Oil products inventories also rose, with gasoline stocks up
2.2 million barrels for the 10th straight week, while
distillates, which include heating oil and diesel fuel, rose for
the third consecutive week, up 1.1 million barrels.
                                
 The arrival of U.S. refinery maintenance season is also
expected to cause a decline in crude usage. The report showed a
drop of 760,000 barrels per day (bpd) in crude runs at domestic
refineries to 15.1 million bpd.
                                
 OPEC officials have hinted that they do not see the need to
increase supplies when the organisation meets next month.
                                
 Oil prices are likely to range between $80 and $90 a barrel
in the first quarter but are difficult to forecast for the rest
of 2008 due to the possible impact of the subprime crisis,
OPEC's president said on Wednesday.
                                
 Chakib Khelil said in a briefing for businessmen in Algiers
that if oil inventories recovered in the second quarter, he did
not see why OPEC should raise output.[ID:nN16648137]
                                
 The International Energy Agency, an adviser to industrial
countries, on Wednesday cut its 2008 global demand growth
forecast by 130,000 bpd to 1.98 million bpd and said it might
lower the figure further if a U.S. economic slowdown worsened.
[ID:nL16688679]
 (Additional reporting by Maryelle Demongeot in Singapore;
Editing by James Jukwey)