* CLSA China PMI hits one-year high of 52.8 in July
* China crude stocks down 2.7 pct from record high
* U.S. dollar at 2009 low as risk appetite rises
(Releads, updates prices)
By Fayen Wong
PERTH, Aug 3 (Reuters) - Oil topped $70 a barrel on Monday,
extending the previous session's gain of nearly 4 percent, as
positive Chinese economic data and gains in equities helped
bolster hopes that the global economic recovery was picking up
speed.
Fuelled by bullish data and rallying stock markets, oil
prices rose about 2 percent last week -- its third straight
week of gains -- which helped to reverse steep losses in the
middle of the month and brought July's monthly loss to a
marginal 0.6 percent.
U.S. crude for September <CLc1> rose 63 cents to $70.08 a
barrel by 0345 GMT, adding to gains of $2.51 on Friday that
brought the contract to settle at $69.45.
London Brent crude <LCOc1> gained 70 cents to $72.40 a
barrel.
"Oil prices are again supported by a positive sentiment.
The U.S. growth number has confirmed that the worst is behind
us and the focus now is to find out how quick the recovery will
be," said Ben Westmore, a commodities analyst at the National
Bank of Australia.
Asian stocks inched up to an 11-month high on Monday amid
hopes of a swift economic rebound, while two separate surveys
showed Chinese factory growth accelerating in July because of a
revived domestic economy and slight pick-up in demand for its
exports. China's PMI from brokerage CLSA hit a on-year peak.
[]
Another bright spot was China's crude stockpiles, including
both state strategic reserves and commercial ones, which
declined 2.7 percent from a month earlier to 37.7 million
tonnes at end-June, the official Xinhua news agency reported in
a newsletter on Monday. []
Analysts said a weak U.S. dollar, which fell broadly on
Monday and hit its lowest point this year against a basket of
currencies amid increased risk appetite, would offer support to
oil prices. []
U.S. gross domestic product (GDP) fell at a 1 percent
annual rate, the Commerce Department said, declining for the
fourth consecutive quarter, but below analysts expectations'
for a 1.5 percent drop. []
However, consumer spending, which accounts for more than
two-thirds of U.S. economic activity, fell 1.2 percent in the
second quarter, after rising 0.6 percent in the previous
quarter.
Wall Street may have momentum on its side this week as the
S&P 500 tries to pierce the 1,000 level, but the rally's
staying power will depend on whether U.S. data and corporate
earnings provide more signs of economic stabilization. []
Amongst data that will be closely watched are: U.S. ISM
manufacturing data for July due later in the day, while U.S.
consumer spending for June, pending home sales,
non-manufacturing data and weekly jobless claims to be released
later in the week will also provide clues on how the U.S.
economy was faring.
The United Arab Emirates halted crude exports from its
Jebel Dhanna oil terminal late on Friday, and from its Jebel
Ali facility on Sunday, because of a sandstorm, a shipping
source said. []
Iran's OPEC governor said crude prices were expected to
reach $80 a barrel by January, the oil ministry website
reported on Sunday, adding to earlier comments that some OPEC
members may demand in its next meeting further cuts to crude
output if prices continued to drop. []
(Editing by Ben Tan)
