(Corrects Brent price in fifth paragraph)
* Japan Feb crude oil imports down 3.3 pct yr/yr
* US crude stocks seen higher on imports - poll
(Releads, updates prices, analyst's quotes)
By Fayen Wong
PERTH, March 31 (Reuters) - Oil rose above $49 a barrel on
Tuesday, recouping some of the previous session's 7 percent
loss as stock markets edged up.
Talk by the Obama administration of takeover and bankruptcy
for two major U.S. automakers, as well as bank rescues in
Europe, prompted investors to book profits after a recent
run-up in oil to a four-month high.
But Asian stocks edged up on Tuesday and were set to score
their biggest monthly rise in a decade as some investors bet
the most painful stretch of corporate earnings damage may be
over. []
U.S. oil for May delivery <CLc1> rose 70 cents to $49.11 a
barrel by 0446 GMT. The contract settled down $3.97 at $48.41 a
barrel on Monday.
London Brent crude <LCOc1> rose 70 cents to $48.69.
Oil has risen about 9.5 percent in March, and is headed for
its largest monthly and quarterly gain since June 2008, thanks
to rallying stock markets and tightening oil supplies as the
Organization of the Petroleum Exporting Countries (OPEC) curbs
exports.
But despite recent gains, prices are still down nearly $100
from the peak struck last July, as the global economic crash
has shrunk demand for fuels.
"Oil is being propped up by firmer stocks and a modest
rebound in the euro versus the dollar," said Michelle Kwek, an
analyst at Informa Global Markets in Singapore.
"But upside momentum back above the $50 levels continues to
be lacking amid concerns that imminent bankruptcies in the U.S.
auto sector would deepen the crisis, leading to further
reduction in global demand."
Further evidence of weakening demand came from Japan, the
world's No. 3 energy consumer, where crude oil imports in
February fell 3.3 percent from a year ago. []
The next major evidence on oil demand will be Energy
Information Administration data on Wednesday, which is expected
to show U.S. crude oil inventories rose last week for the
fourth consecutive time amid higher imports and low refinery
demand. []
A heavy calendar of economic data is coming up and negative
surprises from any of them, including Tuesday's U.S. retail
sales and consumer confidence, could drag oil prices lower
still, analysts said.
Investors will also keep a keen eye on developments at the
G-20 meeting, whereby U.S. President Barack Obama will urge
other world leaders to step up their stimulus plans.
Leaders of the Group of 20 developed and developing nations
meet on April 2, with OPEC hoping it will agree on measures to
shore up the global economy and bolster oil demand.
Gulf OPEC producers see an oil price of about $50 a barrel
as good enough given the global economic slowdown and the
seasonal fall in fuel demand, a senior Gulf OPEC delegate said
on Monday. []
Qatar's oil minister Abdullah al-Attiyah does not expect
OPEC to cut supply at its next meeting in May, Kuwait state
news agency KUNA reported on Monday. []
(Editing by Michael Urquhart)
