NYMEX-Crude rises above $70/bbl after 1 pct gain

                                
 TOKYO, Aug 13 (Reuters) - U.S. crude futures extended gains
to trade firmly above $70 a barrel on Thursday, after a 1 percent
rise a day earlier, as Asian stocks followed Wall Street higher,
offsetting a larger-than-expected build in U.S. crude
inventories.
                                
 FUNDAMENTALS
                                
 * Crude for September delivery <CLc1> rose for the first time
in five sessions on Wednesday to settle 71 cents higher, tracking
advances on Wall Street and ignoring U.S. government data that
U.S. crude stocks rose by a bigger-than-expected 2.5 million
barrels last week.
                                
 * The U.S. Federal Reserve in its policy statement said on
Wednesday that the U.S. economy is levelling out and that it was
extending purchases of long-term U.S. Treasury debt to the end of
October. [ID:nN12462568]
                                
 * The International Energy Agency (IEA) forecast global oil
demand growth will be lower in 2010 than previously expected,
with little evidence a recovery is under way yet. [ID:nLC558744]
                                
 The Paris-based agency, adviser to 28 industrialised nations,
said global oil demand was now seen recovering by just 1.3
million barrels per day (bpd) in 2010, having fallen by 2.3
million bpd this year as the economic crisis curbed consumption.
                                
 * Total Petrochemicals USA said normal operations were being
restored at its 174,000 bpd Port Arthur, Texas, refinery on
Wednesday afternoon after a partial power outage on Wednesday
morning. [ID:nN12460232]
                                
 * The U.S. National Hurricane Center said on Wednesday the
Atlantic could get its first named storm of the year as a
tropical depression strengthens on a track towards the U.S.
Virgin Islands. [ID:nN12106751]
                                
 MARKETS NEWS
                                
 * Japan's benchmark Nikkei stock average <.N225> opened up
0.7 percent on Thursday, and South Korea's KOSPI index <.KS11>
opened up 0.9 percent.
                                
 * U.S. stocks powered higher on Wednesday as the Federal
Reserve said it saw signs of a more stable economy. [.N]
                                
 Stocks had been on track to close at their highest level in
10 months, led by technology and financials, but shares lost
steam in the last half-hour of trading.
                                
 * The dollar gained versus the yen and pared losses against
the euro on Wednesday. [USD/]
                                
 DATA/EVENTS
                                
 * The following data is expected on Thursday:
                                
 - 0600 GMT--Germany GDP flash/Q2
                                
 - 0645 GMT--France GDP preliminary/Q2
                                
 - 0900 GMT--Euro Zone GDP flash estimate/Q2
                                
 - 1230 GMT--U.S. Import/Export Prices/July
                                
 - 1230 GMT--U.S. Initial Jobless Benefit Claims/Wkly
                                
 - 1230 GMT--U.S. Retail Sales/July
                                
 - 1400 GMT--Business Inventories/June
                                
 RELATED NEWS
> Yemen sees oil output falling, deficit rising [nLC510561]
                                
 PRICES
 Oil prices as of 0002 GMT          
 Contract Mnth    Price  Change  Day ago     pct     MA-20*
 NYMEX Contracts
 US Crude SEP9   $70.58   +0.42   +$0.71  +1.02%     $67.91
 Heat Oil SEP9   191.00   +1.79    -1.96  -1.03%     179.95
 RBOB     SEP9   203.15   +0.62    -1.69  -0.83%     194.15
 Natgas   SEP9   $3.505  +0.026  -$0.062  -1.75%     $3.692
 ICE Contracts
 Brent    SEP9       --   +0.00   +$0.43  +0.59%     $70.39
 Gasoil   SEP9       --   +0.00   +$4.50  +0.75%    $571.76
 Note: U.S. heating oil and RBOB gasoline contracts listed in
cents per gallon.
 * = 20-day moving average for continuation month.
 (Reporting by Osamu Tsukimori; Editing by Joseph Radford)