* U.S. crude inventories up for 11th straight week - poll
* Average demand in 2010 to hit record 86.6 million bpd-IEA
* Chinese GDP may provide support for prices
* Coming Up: API data 2030 GMT
(Updates throughout, changes dateline from SINGAPORE)
By David Sheppard
LONDON, April 13 (Reuters) - Oil fell for a fifth straight
session to below $84 on Tuesday, almost erasing April's gains,
as a forecast increase in U.S. crude stocks highlighted rising
supplies and weak demand in the world's largest energy consumer.
But prices were supported by the latest forecast from the
International Energy Agency (IEA) that predicts world demand will
rebound this year to hit its highest ever average level.
U.S. crude oil for May delivery <CLc1> slid 80 cents to
$83.54 a barrel by 0905 GMT, down 4 percent from an 18-month
high of $87.09 hit last week.
Brent crude oil, the benchmark for the Atlantic basin and
most of Europe, Africa and Asia, held the premium gained over
U.S. crude on Monday for the first time this year, but dipped by
46 cents to $84.31 a barrel.
"The market is turning back into consolidation mode," said
Stefan Graber, a commodities analyst with Credit Suisse in
Singapore.
"There have been fundamental improvements, but the last two
weeks have not really shown that much improvement to warrant the
strong move higher. There is not a lot of fresh impulse to push
prices further."
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
For a technical analysis of the crude oil price, click
[]
For a graphic of oil's technical outlook, see:
http://graphics.thomsonreuters.com/gfx/WT_20101304102725.jpg
For a FACTBOX on why WTI is trading below Brent, click:
[]
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
U.S. crude inventories probably rose for the 11th straight
week, a Reuters survey showed ahead of an industry report later
on Tuesday, climbing by 1.6 million barrels in the seven days to
April 9. Supplies of distillates, including heating oil and
diesel are predicted to have climbed 1 million barrels, though
gasoline stocks were expected to have fallen by 700,000 barrels.
2010 OIL DEMAND HIGHEST EVER
While crude oil stockpiles have been mounting in the United
States, average global oil demand is still expected to rebound
this year after falling since its previous high in 2007.
The IEA said on Tuesday average global oil demand will hit a
record high of 86.6 million barrels per day (bpd) in 2010, as
rapid growth of 1.67 million bpd wipes out two years of falling
consumption caused by higher prices and the economic crisis.
The Paris-based adviser to 28-industrialised nations raised
its demand forecast by 100,000 bpd from its previous estimate,
though high stock levels and rising output from OPEC members and
other countries is expected to keep the market relatively well
balanced in the coming months. []
The agency's monthly oil market report details the shifting
balance in world oil consumption between the developed world and
emerging nations.
While members of the Organisation for Economic Co-operation
and Development (OECD) have seen their total oil consumption
fall by 5.1 million bpd since 2006 to 45.4 million bpd, rapid
growth in nations like China and India has seen non-OECD demand
soar by 5.5 million bpd to 41.2 million bpd over the same
period.
A Reuters survey ahead of China's publication of its latest
GDP data on Thursday showed the Asian powerhouse's economy
probably grew 11.5 percent in the first quarter. That would be
the fastest year-on-year growth since the third quarter of 2007.
[]
(Additional reporting by Alejandro Barbajosa and Wang Tao in
Singapore; Editing by Amanda Cooper)
