* EIA says crude stocks fell 4.96 million barrels
* IMF sees no double-dip U.S. recession
* For a technical view, click []
(Updates with EIA inventory data)
By Christopher Johnson
LONDON, July 8 (Reuters) - Oil rose to around $75 per barrel
on Thursday, supported by firmer stock markets, U.S. jobless
data and a report showing a fall in crude inventories in the
United States, the world's biggest consumer.
Crude stocks fell by 4.96 million barrels last week, the
Energy Information Administration report said, more than
analysts expected [], but less than the decline reported by
the American Petroleum Institute (API) on Tuesday.
"With the equity markets continuing to bounce along with the
euro and risk appetite coming back to the table, today's data
should reinforce the bullish short-term undertone for the energy
complex," said Chris Jarvis at Caprock Risk Management in
Hampton Falls, New Hampshire.
U.S. crude oil futures for August <CLc1> rose as much as
$1.83 to $75.90 a barrel, the highest intraday price since June
30, and were up $1.08 at $75.15 by 1520 GMT. ICE Brent crude for
August <LCOc1> rose $1.04 to $74.55.
The EIA report released at 1500 GMT also showed gasoline
inventories unexpectedly rose by 1.32 million barrels, while
distillate stocks rose a less-than-expected 321,000 barrels.
Prices were up before the EIA report was issued as stock
markets rose and the euro surged on optimism over the earnings
season and growing tolerance for risk. [] []
U.S. stocks rose after data showed first-time claims for
jobless benefits fell more than expected last week. []
[]
Oil prices in New York are still well below their 19-month
peak above $87 reached in early May, although they have
rebounded sharply from a trough below $65 on May 20.
Volatility has been falling for U.S. crude oil after spiking
in May as front-month futures have traded around $75 per barrel,
with 30-day volatility now below 30 percent, Reuters data show.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
For a graphic showing the outright price and historic
volatility of front-month U.S. crude oil futures, click:
http://graphics.thomsonreuters.com/10/OIL_VOLC0710.gif
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
"Commodities prices have made gains on a broad front thanks
to friendlier equity markets," said Eugen Weinberg, commodity
analyst at Commerzbank in Frankfurt. "The API inventory data
released yesterday evening gave additional support to prices."
The AP had said in a report late on Wednesday that U.S.
crude oil inventories tumbled 7.3 million barrels last week,
more than three times the expected drop.
STORM WARNING
A tropical depression has formed over the northwestern Gulf
of Mexico and is heading towards the Texas-Mexico border, a
region still recovering from Alex, the U.S. National Hurricane
Center said. []
A tropical storm warning was issued in the lower Rio Grande
valley along the border, from south of Baffin Bay, Texas to Rio
San Fernando, Mexico. The warning signalled the storm could make
landfall within the next 24 hours. The expected course takes the
weather system away from main oil-producing regions of the Gulf.
Other data was also supportive.
The International Monetary Fund raised its 2010 global
growth forecast on Thursday, citing an expansion in Asia and in
U.S. private demand. The IMF upgraded its 2010 global output
growth forecast to 4.6 percent from 4.2 percent after a fall of
0.6 percent in 2009. []
The IMF said a double-dip recession was unlikely.
On Wednesday, the EIA raised its 2010 world oil demand
growth forecast by 60,000 barrels per day (bpd) from its
previous estimate. The EIA now expects oil demand to climb by
1.56 million bpd in 2010 to 85.82 million bpd.
(Additional reporting by Alex Lawler in London and Alejandro
Barbajosa in Singapore; editing by Sue Thomas)
