* U.S. crude inventories up for 11th straight week - poll
* Average demand in 2010 to hit record 86.6 mln bpd-IEA
* U.S. crude futures lose further ground to Brent oil
* Coming Up: API data 4:30 p.m. EDT
(Changes from previous LONDON. Adds details and prices.)
By Joshua Schneyer
NEW YORK, April 13 (Reuters) - U.S. crude oil futures fell
for a fifth straight session on Tuesday, dropping below $84 a
barrel, on expectations that crude supplies in the world's top
consumer likely rose to a ten-month high last week.
A Reuters poll of analysts forecast U.S. crude stocks rose
for the 11th straight time last week, by 1.6 million barrels to
around 357.8 million barrels, their highest level since June of
2009. []
The sustained boost in U.S. crude stocks draws into
question the pace of a U.S. economic recovery and prospects for
higher fuel demand, leading some investors to sell oil after
prices surged to 18-month highs above $87 a barrel last week.
"The petroleum markets are coming under selling pressure,"
said Tim Evans, energy analyst at Citi Futures Perspective in
New York, in a written note.
"Ten weeks of rising DOE (U.S.) crude stocks are part of
the story here, with expectations for a further build in the
week ended April 9," he added.
U.S. crude oil for May delivery <CLc1> fell 56 cents to
$83.78 a barrel by 12:55 p.m. EDT (1655 GMT), having earlier
hit an April low of $82.51, down 5 percent from last week's
peak at $87.09.
Brent crude oil <LCOK0>, which serves as the main benchmark
in Europe, Asia and Africa, fell a more modest 7 cents a barrel
to $84.70, extending the premium Brent gained over U.S. crude
on Monday for the first time this year.
The American Petroleum Institute will release its weekly
U.S. stocks report on Tuesday at 4:30 p.m. EDT (2030 GMT). The
U.S. Energy Information Administration's data will follow on
Wednesday at 10:30 a.m. EDT (1430 GMT).
The latest forecast by the International Energy Agency
(IEA), released Tuesday, predicted that world oil demand would
rebound this year to record levels. But the IEA also said it
expects rising U.S. crude stocks and faster crude supply growth
from non-OPEC countries than previously expected, as big
producers pump more oil to capitalize on higher oil prices this
year. []
"We have been seeing anecdotal evidence of supply increases
for some time, and this confirms the trend that supplies are
improving," investment bank JP Morgan said in its Daily Oil
Note.
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Technical analysis of the crude oil price, click
[]
Graphic of oil's technical outlook, see:
http://link.reuters.com/dag67j
FACTBOX on why WTI is trading below Brent, click:
[]
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U.S. supplies of distillates, including heating oil and
diesel are predicted to have climbed 1 million barrels last
week, though gasoline stocks were expected to have fallen by
700,000 barrels, according to a Reuters poll
2010 OIL DEMAND HIGHEST EVER
While crude oil stockpiles have been mounting in the United
States, Paris-based IEA said global oil demand is still
expected to rebound sharply this year after falling since its
previous peak in 2007.
The IEA estimated that average global oil demand will hit a
record high of 86.6 million barrels per day (bpd) in 2010, up
100,000 bpd from a previous forecast, as rapid growth of 1.67
million bpd wipes out two years of falling consumption caused
by higher prices and the economic crisis. []
IEA's monthly oil market report details the shifting balance
in world oil consumption between the developed world and
emerging nations.
While members of the Organization 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. []
China will raise retail gasoline and diesel prices by 4
percent from Wednesday, but analysts said the rise would have
more impact on the profits of refiners who have had margins
squeezed by higher crude prices than consumer behavior.
[] []
OPEC delegates indicated they would consider raising crude
output if prices rose to $90-$95 a barrel. []
(Additional reporting by David Sheppard in London, Robert
Gibbons and Gene Ramos in New York, Alejandro Barbajosa and
Wang Tao in Singapore; Editing by Alden Bentley)
