* Cold snap across U.S., Europe boosts prices
* Eyes Russia-Belarus oil price spat
* Weekly U.S. inventory data seen supporting prices
* Awaits U.S. factory orders, jobs data due this week
By Jennifer Tan
SINGAPORE, Jan 5 (Reuters) - Oil edged up towards $82 a
barrel on Tuesday, posting its ninth straight day of gains, as
a surprise cold snap in the key consuming regions of the United
States and Europe boosted demand for heating fuel.
A slew of U.S. data -- November factory orders later in the
day, besides jobless claims and employment numbers later in the
week -- will offer clues on the health of the economy and
demand outlook from the world's top oil consumer.
Markets are also keeping an eye on an oil pricing dispute
between Russia and Belarus that briefly cut off supplies to the
Eastern European nation. Russia on Monday said it had resumed
supplies to refineries in Belarus, but tension still simmers.
[]
Weekly U.S. oil inventory data from the American Petroleum
Institute (API) due later on Tuesday and the Energy Information
Administration (EIA) due on Wednesday, are also expected to be
mildly price-supportive.
U.S. crude for February delivery <CLc1> rose 17 cents to
$81.68 a barrel by 0304 GMT, after settling up $2.15 at $81.51
on Monday, its highest close since Oct. 9, 2008. London Brent
crude <LCOc1> climbed 11 cents to $80.23.
"Oil is very well supported due to colder weather in the
northern hemisphere markets, and it looks like the bullish bias
is here to stay for now," said Tony Nunan, a risk manager with
Tokyo-based Mitsubishi Corp.
"We're also seeing new money coming in on the long side,
taking fresh positions for the new year."
Frigid temperatures were expected to boost U.S. heating
demand to 21 percent above normal, with consumption in the U.S.
northeast -- the largest heating oil market -- seen 11 percent
above average levels. [] []
Unusually cold weather in Britain is expected to continue
into the second half of January after the coldest December
since 1995, while colder temperatures in Europe were seen
gradually spreading from the northeast to the southwest during
the next few days. [] []
Heavy snows and biting cold also hit parts of Asia on
Monday, with unusually harsh winter weather snarling transport
across north China, South Korea and India. []
Oil also got a boost from a weak dollar. The greenback
steadied on Tuesday, keeping broad losses made the previous
day, as growing hopes for a global economic recovery spurred
investors to shift funds to riskier assets from the greenback.
[]
U.S. economic data due this week will likely show that a
patchy recovery is already underway in the world's largest
economy. At 1500 GMT, the Commerce Department will release
November factory orders, which are expected to rise 0.5 percent
compared with a 0.6 percent gain in the prior month.
At 2130 GMT, API data is forecast to show a 1.9 million
barrel drawdown in distillate stocks, which include heating oil
and diesel fuel, last week, while crude stocks were seen
unchanged and gasoline supplies higher. []
(Editing by Clarence Fernandez)
