* Boost from upbeat EIA demand forecast, Greek bailout hopes
* Higher heating fuel demand in U.S. due to heavy blizzard
* Awaiting IEA monthly oil market report at 0900 GMT
(Updates throughout, changes dateline, pvs SINGAPORE)
By Christopher Johnson
LONDON, Feb 11 (Reuters) - Oil climbed toward $75 a barrel
on Thursday, buoyed by an upbeat forecast of oil demand growth
and by hopes of a rescue plan for the beleaguered Greek economy.
The U.S. Energy Information Administration predicted on
Wednesday that world oil demand would rise 1.2 million barrels
per day in 2010, up by 120,000 barrels a day from a previous
forecast. []
It also expects oil prices to average $81 a barrel in the
second half of the year, up 9 percent from current levels.
The oil market awaited the monthly report due at 0900 GMT
from the International Energy Agency for its take on oil demand.
European Union leaders will lay the groundwork for a
financial rescue of Greece at a summit on Thursday, but any
support is likely to require a big commitment from Athens on
getting its economy in order. []
The euro rose against the dollar on Thursday as investors
increasingly anticipated that the EU, led by Germany and France,
would help Athens avoid default. []
U.S. crude for March delivery <CLc1> jumped 31 cents to
$74.83 a barrel by 0844 GMT, after settling 77 cents higher at
$74.52 a barrel on Wednesday. London Brent crude <LCOc1> rose 24
cents to $72.78.
"Everyone is waiting for the outcome of today's EU summit on
a rescue for Greece," said Carsten Fritsch, oil analyst at
Commerzbank in Frankfurt.
"The market hopes there will be a bailout, which would raise
risk appetite and should boost the euro against the dollar, both
factors that should support oil prices."
BLIZZARD
A bailout of Greece could alleviate worries about the fiscal
health of the euro zone, increasing demand for riskier assets
such as commodities and oil.
European shares rose on Thursday for the fourth consecutive
session, with banks the major gainers before the EU summit. []
Further lifting oil prices were signs of higher heating fuel
demand as a second blizzard in a week buried the U.S. Northeast,
breaking a century-old snowfall record in the nation's capital
and leaving thousands without power. []
U.S. heating demand this week is seen 11.5 percent above
normal, weather services said. []
Traders will scour U.S. weekly inventory data from the EIA
due on Friday for further clues on the rate of demand recovery
in the world's largest oil user.
The EIA said Tuesday its weekly data, normally released on
Wednesdays at 10:30 a.m. EST, will be delayed until Friday due
to the snowstorm blanketing the U.S. capital.
A report from the American Petroleum Institute (API) on
Tuesday showed crude inventories jumped by 7.2 million barrels
to 337.6 million last week, against expectations of a rise of
1.5 million, and despite a drop in crude imports and weekly
crude runs. []
Gasoline inventories also rose more than expected, climbing
1.6 million barrels to 228.8 million, exceeding analyst
estimates of a 500,000-barrel build. []
(Additional reporting by Jennifer Tan in Singapore; editing by
Sue Thomas)
