* U.S. crude stockpiles seen down as imports dip
* API data shows surprise rise in crude stocks
* Coming Up: EIA oil inventory data; 1530 GMT
(Updates prices)
By Alex Lawler
LONDON, Nov 24 (Reuters) - Oil edged higher above $81 a
barrel on Wednesday, rising from a near week's low in the
previous session on expectations of falling inventories in top
consumer the United States.
Weekly U.S. government data on Wednesday is expected to show
a drop in crude oil inventories, although industry group the
American Petroleum Institute reported on Tuesday that crude
stocks rose. []
U.S. crude <CLc1>, also known as WTI, rose 30 cents to
$81.55 a barrel at 1149 GMT. It fell to $80.28 intra-day on
Tuesday, the lowest price since Nov. 17. Brent crude <LCOc1> was
up 38 cents at $83.63.
"The fact that WTI bounced off $80 is showing that the
market sees $80 as being really the bottom of the trading
range," said Eugen Weinberg, analyst at Commerzbank.
"The dollar is again stronger against the euro due to the
Ireland problems and possibly Portugal coming to the focus of
the market. Oil, which is a risky asset, should have been under
pronounced pressure given this concern."
Oil has fallen about 8 percent since reaching a 2010 high of
$88.63 on Nov. 11. Commodities have been hit by a stronger
dollar and rising risk aversion, reflecting euro zone debt
worries and fears of fresh clashes on the Korean Peninsula.
The euro fell to its lowest in two months against the U.S.
dollar on Wednesday as fears debt problems will spread further
in the euro zone and tension between the two Koreas after
Tuesday's artillery clash drove investors to sell the currency.
OIL STOCKS
One analyst, at MF Global, predicted the dollar's rally
could go further, weighing on oil and pushing it below $80.
"Further strengthening here could come back and knock energy
prices with more authority next time around, possibly taking
prices through technical support of $79.50," MF Global analyst
Edward Meir said in a report.
Investors are awaiting data from the U.S. Energy Information
Administration (EIA) due at 1530 GMT, which is expected to
indicate higher oil demand.
Analysts in a Reuters poll expect crude stocks to drop by
2.1 million barrels, extending a fall in stockpiles into a third
week. []
However, the API reported on Tuesday an unexpected 5.2
million-barrel increase in crude stocks on rising imports in the
week to Nov. 19 -- limiting the rebound in prices. []
"The inventory data from the API yesterday, and possible
negative surprise from the (EIA) today, is also responsible for
the not-very-pronounced bounce off the lows," Commerzbank's
Weinberg said.
The API said gasoline stocks fell 499,000 barrels and
distillate stocks dropped 311,000 barrels, smaller declines than
forecast in the poll.
(Reporting by Alex Lawler and Florence Tan; editing by Keiron
Henderson)
