* U.S. gasoline inventories unexpectedly rise-API
* Market looks to China GDP, yuan for support-analysts
* Coming Up: EIA stockpile report; 1430 GMT
(Previous SINGAPORE, updates prices, adds quote paragraph 4)
LONDON, April 14 (Reuters) - Oil rose to trade above $84 a
barrel on Wednesday, ending a five-day losing streak, as rising
stock markets and a weaker dollar outweighed an industry report
showing gains in U.S. inventories.
European stocks made a positive start while the dollar
<.DXY> was down 0.18 percent, making dollar-denominated
commodities cheaper to other currency holders. U.S. stocks also
closed slightly higher on Tuesday.
Gasoline stockpiles in the United States, the world's top
user, unexpectedly rose last week, the American Petroleum
Institute (API) said on Tuesday, while crude supplies posted
their 11th consecutive increase. []
"The builds were more or less anticipated except for
gasoline," said Christopher Bellew, a broker at Bache
Commodities. "We've moved into a higher range with support at
around $83," he said, referring to Brent crude.
U.S. crude <CLc1> gained 53 cents to $84.58 a barrel by 0821
GMT, less than $3 from an 18-month high above $87 reached last
week. Brent <LCOc1> rose 36 cents to $85.08, trading at a
premium to the U.S. benchmark for a third straight day.
"Inventories are showing a bearish fundamental picture, but
as long as the U.S. equity market is steady and economic
indicators are showing good numbers, I don't think prices will
fall much," said Tetsu Emori, a fund manager at Tokyo-based
Astmax Co Ltd, who sees oil between $83-$88 in coming weeks.
For technical analysis on oil prices, click: []
For a graphic of the technical outlook for WTI crude, click:
http://graphics.thomsonreuters.com/gfx/WT_20101404091404.jpg
U.S. crude stocks rose in line with expectations by 1.4
million barrels in the week to April 9, the API said, while
gasoline stocks increased 1.6 million barrels. []
The U.S. government's Energy Information Administration
issues its own snapshot of supplies at 1430 GMT.
While rising crude stocks in the United States are an
indicator of tepid fuel demand, the International Energy Agency
said on Tuesday global demand will rebound sharply this year to
record levels. []
Support for oil prices could come from China's GDP data to
be published on Thursday, Emori said, while a potential
appreciation of the yuan would also boost values because it
would increase the country's purchasing power of
dollar-denominated commodities.
The Chinese economy probably grew 11.5 percent in the first
quarter, a Reuters survey showed. That would be the fastest
year-on-year rate of growth since the third quarter of 2007.
[]
(Reporting by Alejandro Barbajosa in Singapore and Alex Lawler
in London; editing by James Jukwey)
