* EU leaders reach deal to help ease Greek debt crisis
* IEA and EIA raise oil demand growth estimates for 2010
* Higher heating fuel demand in U.S. due to heavy blizzard
(Updates detail, prices)
By Christopher Johnson
LONDON, Feb 11 (Reuters) - Oil steadied above $74 per barrel
on Thursday after European leaders reached a deal to rescue the
Greek economy and following upbeat predictions for oil demand
growth by two major forecasters.
EU president Herman Van Rompuy said on Thursday an
unprecedented deal had been agreed to stave off a broader crisis
in the 16-nation bloc that shares the euro. []
The euro rose against the dollar, helping increase risk
appetite among investors and supporting commodities and energy
prices. []
Also supporting oil were two reports by energy forecasters.
The International Energy Agency said on Thursday global oil
demand would grow by 120,000 barrels per day (bpd) more than
previously expected in 2010 to 86.5 million bpd. []
The forecast was in line with data from the U.S. Energy
Information Administration, which on Wednesday predicted world
oil demand would rise 1.2 million bpd in 2010. []
U.S. crude for March delivery <CLc1> was down 10 cents at
$74.42 a barrel by 1530 GMT, after settling 77 cents higher at
$74.52 a barrel on Wednesday. London Brent crude <LCOc1> rose 27
cents to $72.81.
The Greek bailout helped ease worries over the fiscal health
of the euro zone, increasing demand for riskier assets such as
commodities and oil, analysts said.
"The EU deal over Greece has helped commodities," said
Carsten Fritsch, analyst at Commerzbank in Frankfurt. "In the
short-term we should see a rally as the chance of default has
diminished."
Oil prices have risen four days in a row from a closing low
below $72 per barrel at the end of last week. By 1530 GMT on
Thursday, the March U.S. crude oil futures contract was up more
than 7 percent from Friday's intra-day of $69.50 a barrel.
BLIZZARD
European shares rose on Thursday for the fourth consecutive
session but later slipped back to trade almost unchanged. []
Oil prices got a boost from 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's weekly data, normally released on Wednesdays at
10:30 a.m. EST, will be delayed until Friday due to the snow
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
Anthony Barker)
