NYMEX-Crude edge up, above $81/bbl after 0.6 pct fall

                                
 TOKYO, Nov 24 (Reuters) - U.S. crude futures edged higher
above $81 a barrel on Wednesday after declining 0.6 percent a day
earlier, with larger-than-expected falls in U.S. oil product
stockpiles providing support to the market.
                                
 The rise came despite a stronger dollar amid tension on the
Korean pennisula.
                                
 FUNDAMENTALS
                                
 * NYMEX crude for January delivery <CLc1> was up 20 cents at
$81.45 a barrel by 0055 GMT, after settling down 49 cents at
$81.25 a day earlier amid fears of an escalating euro zone crisis
and after a North Korean attack on a South Korean island
triggered a rally in the dollar.
                                
 * The American Petroleum Institute said gasoline stocks fell
499,000 barrels and distillate stocks fell 311,000 barrels, the
API said. That compared with a Reuters poll for a 1.2 million
barrel decline in distillate stockpiles and a 600,000 barrel
drawdown in gasoline supplies. [EIA/S]
                                
 U.S. crude stocks have unexpectedly increased 5.2 million
barrels on rising imports in the week to Nov. 19, industry group
the API reported late on Tuesday, countering expectations for a
2.1 million barrel drawdown. [API/S]
                                
 * South Korea warned North Korea of "enormous retaliation" if
it took more aggressive steps after Pyongyang fired scores of
artillery shots at a South Korean island in one of the heaviest
attacks on its neighbor since the Korean War ended in 1953.
[ID:nL3E6MN0SQ]
                                
 * The U.S. Commerce Department revised its estimate of
third-quarter U.S. growth in gross domestic product to a 2.5
percent annual rate from 2 percent to reflect stronger spending
and exports than initially thought. [ID:nN2399302]
                                
 * OPEC is unlikely to change production quotas at its
December meeting in Ecuador if oil prices remain at current
levels, Qatari Energy Minister Abdullah al-Attiyah said.
[ID:nLDE6AM0V6]
                                
 * A Sunoco Logistics <SXL.N> oil pipeline was shut near
Huntsville, Texas, after a leak last weekend, a Texas Railroad
Commission spokeswoman said Tuesday. [ID:nN23156144]
                                
 About 100 barrels of crude spilled from a 10-inch line about
20 miles south of Huntsville Saturday, and the operator reported
shutting the line down, the spokeswoman said.
                                
 MARKETS NEWS
                                
 * U.S. stocks sank on Tuesday as investors dumped risky
assets on escalating tensions in the Korean peninsula and as
euro-zone debt worries mounted.
                                
 The Standard & Poor's 500 <.SPX> fell 17.11 points, or 1.43
percent, to 1,180.73.
                                
 * The euro languished at two month lows early in Asia on
Wednesday, threatening to deepen its losses, while the euro zone
debt crisis and heightened tensions in the Korean Pennisular
helped underpin the dollar. [USD/]
                                
 DATA/EVENTS
                                
 * The following data is expected on Wednesday:
                                
 - 0900  Germany   Ifo business climate    Nov    <DEBUSS=ECI>
                                
 - 0900  Germany   Ifo current conditions     Nov <DEBUSC=ECI>
                                
 - 0900  Germany   Ifo expectations           Nov <DEBUSE=ECI>
                                
 - 1200  U.S.      Mortgage index          Weekly <USMGM=ECI>
                                
 - 1330  U.S.      Personal income mm         Oct <USGPY=ECI>
                                
 - 1330  U.S.      Initial Claims                 <USJOB=ECI>
                                
 - 1330  U.S.      Durable goods              Oct <USDGR=ECI>
                                
 - 1455  U.S.      U Mich 1-yr inflation-F    Nov <USM1YR=ECI>
                                
 - 1455  U.S.      U.Mich conditions final    Nov <USMSNP=ECI>
                                
 - 1455  U.S.      U.Mich expectation final   Nov <USMSNE=ECI>
                                
 - 1455  U.S.      U.Mich sentiment final     Nov <USMSN=ECI>
                                
 - 1400  U.S.      FHFA home prices           Sep
                                
 - 1500  U.S.      New home sales chg mm      Oct <USHNSP=ECI>
                                
 - 1500  U.S.      New home sales-units mm    Oct <USHNS=ECI>
                                
 - 1530  U.S.      EIA weekly crude stocks Nov 19 <USOILC=ECI>
                                
 - 1530  U.S.      EIA weekly dist. stocks Nov 19 <USOILD=ECI>
                                
 - 1530  U.S.      EIA weekly gasoline stk Nov 19 <USOILG=ECI>
                                
 - 1600  U.S.      KC Fed survey              Nov <USKCMF=ECI>
                                
 - 2350  Japan     Exports                    Oct <JPEXPY=ECI>
                                
 -  ::   U.S.      Dallas Fed PCE             Oct <USDALL=ECI>
                                
 -  ::   U.S.      Build permits R chg mm     Oct <USBPRP=ECI>
                                
 PRICES
 Oil prices as of 0055 GMT          
 Contract Mnth    Price  Change  Day ago     pct     MA-20*
 NYMEX Contracts
 US Crude JAN1   $81.45   +0.20   -$0.49  -0.60%     $83.94
 Heat Oil DEC0   224.87   -0.09    -1.90  -0.84%     232.07
 RBOB     DEC0   213.35   -0.07    -1.77  -0.82%     216.41
 Natgas   DEC0   $4.246  -0.018  -$0.007  -0.16%     $3.951
 ICE Contracts
 Brent    JAN1       --   +0.00   -$0.71  -0.85%     $85.74
 Gasoil   DEC0       --   +0.00   -$1.00  -0.14%    $723.01
 Note: U.S. heating oil and RBOB gasoline contracts listed in
cents per gallon.
 * = 20-day moving average for continuation month.
 (Reporting by Osamu Tsukimori; Editing by Edwina Gibbs)