NYMEX-U.S. crude edges up, awaits EIA oil data ?

 U.S. crude oil edged up on Wednesday as

the dollar's weakness ahead of an expected euro zone interest rate hike and
continuing conflict and unrest in Libya and the Middle East supported
prices ahead of government oil inventory data* Dollar's weakness supportive to oil prices

* U.S. crude stocks fell, gasoline rose last week - API

* Coming up: EIA oil data, 10:30 a.m. EDT Wednesday

NEW YORK, April 6 (Reuters) - U.S. crude oil edged up on Wednesday as
the dollar's weakness ahead of an expected euro zone interest rate hike and
continuing conflict and unrest in Libya and the Middle East supported
prices ahead of government oil inventory data.

The euro hit its strongest in more than a year versus the dollar in
anticipation of a euro zone rate hike when Europe's central bank meets on
Thursday. A weak dollar can boost dollar-denominated oil prices as it
becomes less expensive for users of stronger currencies and attracts
investors to the oil market seeking better returns.

The U.S. Energy Information Administration's oil inventory report will
be released at 10:30 a.m. EST (1430 GMT) Wednesday.

Ahead of weekly oil inventory reports, an expanded analyst survey on
Tuesday yielded a forecast for U.S. crude stocks to have risen 1.7 million
barrels last week. [EIA/S]

Gasoline stocks were expected to be lower by 1.9 million barrels and
distillates were seen posting a small decline of 200,000 barrels. [EIA/S]

But industry group American Petroleum Institute said Tuesday that U.S.
crude stocks fell 2.8 million barrels last week, with stocks at the
Cushing, Oklahoma, delivery point for NYMEX benchmark West Texas
Intermediate crude, rising 122,000 barrels. [API/S]

Gasoline stocks rose 568,000 barrels and total distillates fell 1.0
million barrels, the API said.

FUNDAMENTALS

* On the New York Mercantile Exchange, May crude CLK1 rose 13 cents,
or 0.1 percent to $108.47 a barrel by 8:19 a.m. EDT (1219 GMT), trading
from $107.72 to $108.70.

* Muammar Gaddafi is using human shields to foil air strikes on his
forces, NATO officials said. [ID:nLDE7342BL]

* Bahraini firms have fired hundreds of mostly Shi'ite Muslim workers
who went on strike to support pro-democracy protesters, an opposition group
said, in what appeared to be part of a government crackdown.
[ID:nLDE73425B]

* Gulf Arab ambassadors were to meet Yemen's opposition to urge them to
join mediation talks as protesters around the country again demanded  an
end to President Ali Abdullah Saleh's 32-year rule. [ID:nLDE7350IS]

* Saudi Arabia has lowered the price of its flagship Arab Light crude
oil in May to customers in the Mediterranean area from Sidi Kerir, an
industry source said. [ID:nLDE73510L]

* UAE Oil Minister Mohammed bin Dhaen al-Hamli said OPEC member
countries recognized the world economy was fragile, but could do little to
control a market that was not driven by supply and demand. [ID:nWLA7422]

* Yields rose sharply in Portugal's short-term debt auction,
intensifying pressure from local lenders and ratings agencies to seek a
bailout. [ID:nLDE7350HL]

* Revised euro zone fourth quarter gross domestic product was unchanged
at 0.3 percent growth.

* German February industrial orders rose 2.4 percent, higher than the
0.6 percent expected but down from January's 3.1 percent rise.

MARKET NEWS

* The euro rose to a 14-month high against the dollar, but the yen
extended a steep decline, amid expectations that the European Central Bank
will start tightening on Thursday. World shares ticked higher. [MKTS/GLOB]

* Copper rose to its highest in about a week, as the euro scaled
multi-month highs against the dollar and on prospects of better commodity
imports data from China. [MET/L]

* Gold rallied to a record high, powered by a slide in the dollar and
by ongoing investor demand for safe-haven assets. [GOL/]

UPCOMING DATA/EVENTS

* U.S. Energy Information Administration oil inventory data due at
10:30 a.m. EDT (1430 GMT) on Wednesday.

* U.S. initial jobless claims data at 8:30 a.m. EDT (1230 GMT) on
Thursday.

* U.S. Energy Information Administration natural gas storage data due
at 10:30 a.m. EDT (1430 GMT) on Thursday.
8:19     LAST     NET    PCT     LOW    HIGH  CURRENT  DAY AGO

CHNG   CHNG                      VOL      VOL
CLc1   108.47    0.13   0.1%  107.72  108.70   26,156  228,494
CLc2   109.10    0.11   0.1%  108.37  109.33    8,968   86,326
LCOc1  122.68    0.43   0.4%  121.36  123.00   43,038  199,747
RBc1   3.1941 -0.0049  -0.2%  3.1806  3.1994    2,019   45,868
RBc2   3.1786 -0.0051  -0.2%  3.1641  3.1819    2,352   23,086
HOc1   3.2001  0.0151   0.5%  3.1700   3.207    1,899   35,609
HOc2   3.2130  0.0158   0.5%  3.1813  3.2186      764   15,245
 * NYMEX crude oil for May CLc1 rose 13 cents to $108.47 a barrel by 8:19
a.m. in volume of 26,156 lots.
 (Reporting by Robert Gibbons; Editing by John Picinich)
source: .reuters.com

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