* Reuters poll shows OPEC makes 67 pct of pledged cut in Jan
* Nigeria oil union threatens strike from Feb. 9
* U.S. crude stocks seen up for sixth straight time
(Updates throughout)
LONDON, Feb 3 (Reuters) - Oil climbed back above $40 a
barrel on Tuesday as some investors grew convinced that
aggressive supply cuts by OPEC may finally be building a floor
under crude prices.
Despite softening world energy demand, oil has held above
the $40 mark in recent weeks, buoyed in part by OPEC's agreement
to remove more than 4 million barrels per day (bpd) of output
since September to rebalance world markets.
A Reuters survey showed the group, which pumps one-third of
the world's oil, had carried out about 67 percent of its
pledged, record curbs in January. []
U.S. light crude for March delivery <CLc1> rose 25 cents to
$40.33 a barrel by 1215 GMT, having fallen to $39.83 on Monday,
the first time below $40 a barrel in three weeks.
London Brent crude <LCOc1> was 52 cents higher at $44.34.
"Prices do seem to have bottomed for now," said Kevin
Norrish of Barclays Capital. "OPEC has probably taken more than
enough off the market and there's a risk of over-tightening, in
which case prices would go back up fairly swiftly."
Oil fell sharply on Monday as the worsening global financial
crisis led to grim forecasts for fuel demand and U.S. refinery
workers averted a strike that would have cut output.
[]
U.S. gasoline and heating oil were especially hard hit,
falling more than 9 percent and 6 percent, respectively, while
U.S. crude lost only about 4 percent.
While protests ended in the U.S. energy sector, they could
be about to start in OPEC producer Nigeria.
Nigeria's senior oil workers' union threatened to begin an
indefinite strike from Monday unless the government improved
security in the Niger Delta, the country's restive oil
heartland.
Nigeria pumped about 1.75 million barrels per day (bpd) in
January, versus its OPEC supply target of 1.67 million bpd,
according to a Reuters survey.
Top exporter Saudi Arabia and neighbouring Gulf OPEC members
virtually met their supply targets, which analysts said would go
some way in removing excess oil.
"OPEC cuts will begin to take effect on inventories in a few
months and the market is pricing that in. The caveat is the
economy," said Anthony Nunan, risk management executive at
Tokyo-based Mitsubishi Corp.
Slowing economic growth in the United States, Japan and
other major consumers has dampened fuel use, swelled stocks and
knocked more than $100 a barrel off the price of crude since its
July 2008 peak near $150.
In addition, inventories in top consumer the United States
were expected to grow yet higher.
U.S. crude inventory data were likely to show stocks rose
for the sixth time in a row as refinery utilisation remained
curbed by seasonal maintenance and imports rose, according to a
Reuters poll of analysts. [].
Analysts issued their forecasts ahead of weekly inventory
data to be released on Wednesday by the U.S. Energy Information
Administration. Industry group American Petroleum Institute will
release its data on Tuesday.
(Reporting by Alex Lawler and Peg Mackey in London, Annika
Breidthardt in Singapore; editing by Anthony Barker and Karen
Foster)
