* OPEC now thinks 2010 world demand will rise 880,000 bpd
* China Feb crude imports rise 8.2 percent
* Saudis supply full April volumes to most Asian buyers
* Coming up: EIA stocks report 1530 GMT
(Adds quotes, updates prices)
By Jo Winterbottom
LONDON, March 10 (Reuters) - Oil edged higher towards $82
per barrel but without clear momentum as investors waited to see
if data on U.S. stocks later on Wednesday would provide impetus
as OPEC's monthly report gave little fodder for bulls.
U.S. crude for April delivery <CLc1> was up 29 cents at
$81.78 by 1251 GMT. London ICE Brent for April gained 37 cents
to $80.28.
"I don't think the OPEC report is a market-mover," said
Michael Wittner, head of energy research at Societe Generale.
"The increase in the call on OPEC crude was pretty minimal."
The Organization of Petroleum Exporting Countries (OPEC)
said it now thought the world would need 28.94 million barrels
per day of its crude this year -- an increase of 190,000 bpd
from its previous assessment. []
It said world demand was likely to rise 880,000 bpd, up from
a previous estimate for 810,000 bpd extra consumption.
OPEC meets next week in Vienna to discuss output and
analysts expect it to keep targets unchanged. []
Crude prices need a fundamental kick to score direction.
"Technically, there are still no clear trends on WTI," said
Olivier Jakob at Petromatrix in a note.
"WTI is maintained ... close enough to $82 per barrel for
the bulls to try another attack at that resistance level upon
the delivery of the (U.S.) statistics as there will necessarily
be one positive item in the weekly report," he added.
U.S. inventory statistics from the government's Energy
Information Administration (EIA) will be published at 1530 GMT.
"I'd be surprised if we develop much more upward momentum
ahead of the Department of Energy statistics," Wittner said.
The American Petroleum Institute's figures, published on
Tuesday, showed U.S. crude inventories rose by 6.5 million
barrels in the week to March 5, against analysts' forecasts for
a gain of 1.9 million barrels. []
But Jakob said the crude stock build could be an alignment
with the energy department figures.
CHINA SUPPORT
Some support for prices came from China, where oil imports
data boosted evidence emerging that Asian economies will lead
global demand back into growth this year.
China imported 4.83 million barrels of crude per day in
February, the second-highest daily tally on record. Fuel imports
rose almost 14 percent, while fuel exports tumbled almost 41
percent. []
Paul Harris at Bank of Ireland said he thought the impetus
would be for gains.
"We're on an upward trajectory, however gentle the slope is
... there seems to be a groundswell of popular support for the
notion that the U.S. is past its worse and that China is
pointing in a positive direction," he said.
OPEC members have suggested prices around $70-80 are
reasonable and on Monday Algeria said levels in the low $80s
were fair. []
The group's biggest producer, Saudi Arabia, will reduce
crude supply in April to a major Asian buyer, but will keep full
contracted volumes to others.
The cut by the world's leading oil exporter surprised
industry players, who could not immediately explain it.
[] It could be due to refinery maintenance.
For March, top Chinese refineries will cut crude runs by 5.6
percent from record rates in February due to turnarounds and to
lower bulging stocks. []
(Additional reporting by Alejandro Barbajosa in Singapore;
editing by William Hardy)
