* Oil retreats from 8-week intraday high above $83
* OPEC officials say prices within their desired range
* Coming up: Weekly U.S. jobless claims (1330 GMT)
(Adds dollar gains, updates prices)
By Alejandro Barbajosa
SINGAPORE, March 11 (Reuters) - Oil fell below $82 on
Thursday pulling prices from an eight-week high a day ago on
expectations that OPEC members would keep pumping crude above
quotas in the second quarter.
Falling fuel inventories in the United States and the first
few weekly gains in total demand in one-and-a-half years has
bolstered the view that the market will absorb ample supplies
from OPEC as Chinese imports soar.
Ministers from the Organisation of the Petroleum Exporting
Countries, or OPEC, meet in Vienna on March 17 to discuss
production policy.
Officials from member countries including Algeria, Kuwait,
and Angola have said this week they do not expect a change in
quotas because prices are within their desired range.
[]
"You are going to see $75 to $85 until OPEC changes their
views," said Peter McGuire, managing director of Commodity
Warrants Australia in Sydney. "Given that the U.S. dollar is
appreciating, they are relatively content with what they are
receiving for their oil."
U.S. crude for April <CLc1> slid 46 cents to $81.63 a
barrel by 0500 GMT, after touching $83.03 on Wednesday, the
highest intra-day price since Jan. 11, when oil hit a 15-month
high of $83.95. London ICE April Brent <LCOc1> fell 47 cents to
$80.01.
The dollar was little changed against a basket of major
currencies on Thursday, but it has gained almost 8 percent
since the end of November.
A stronger dollar boosts the purchasing power of oil
exporters, including OPEC members. A weaker greenback usually
supports oil prices as it makes dollar-denominated commodities
such as oil less expensive for holders of other currencies.
[]
Asian stocks fell on Thursday as investors fretted over
tighter monetary policy in China on the back of strong loan
growth and quickening inflation. []
AHEAD OF THE MEETING
OPEC will keep oil output targets on hold this month but
could raise production later this year as the world recovers
from recession, pushing up demand for fuel, a Reuters poll
showed on Monday. []
The group's output climbed to a 14-month high in February,
according to a Reuters survey, as producers complied with only
53 percent of output cuts of 4.2 million barrels per day agreed
in December 2008. []
Saudi Arabia, OPEC's top producer, will provide full
contracted volumes to most Asian buyers in April, except for a
major refiner in northeast Asia. []
Output from the organisation is bloating U.S. crude
inventories. They have climbed for the past six weeks, showing
a 1.4-million-barrel gain to 343 million barrels in the week to
March 5, the Energy Information Administration (EIA) said on
Wednesday. []
The nation's gasoline stockpiles showed a surprise decrease
of 2.9 million barrels to 229 million barrels, the EIA said.
Distillate stocks, which include heating oil and diesel,
fell by 2.2 million barrels to 149.6 million barrels, down for
the sixth straight week.
U.S. total oil product demand over the past four weeks was
19.41 million bpd, up 3.8 percent from a year ago. China's
imports of crude oil in February rose to their second-highest
on record on a daily basis. []
(Editing by Ed Lane)
