NYMEX-Crude rises toward $72/bbl after API data

                                
 TOKYO, Aug 5 (Reuters) - U.S. crude futures rose towards $72
a barrel on Wednesday, erasing a 0.2 percent loss made the
previous day, after industry data showed a surprise drawdown in
U.S. crude oil inventories last week against a forecast for a
stock build.
                                
 FUNDAMENTALS
                                
 * Crude <CLc1> for September delivery settled 16 cents lower
at $71.42 on Tuesday, after rising nearly 13 percent in the
previous three sessions, amid expectations the data would show a
rise in U.S. crude inventories and on profit-taking.
                                
 * Crude got support after the American Petroleum Institute
said late on Tuesday that U.S. crude stocks unexpectedly fell 1.5
million barrels last week.
                                
 * Heating oil futures gained further as the API data showed
an unexpected stock draw for distillates, which include heating
oil and diesel fuel.[API/S]
                                
 Gasoline futures dipped, after the data showed supplies
were up, against the forecast for a drawdown.
                                
 * The U.S. Energy Information Administration will issue its
report at 1430 GMT. An expanded Reuters poll of analysts forecast
an 800,000-barrel build in crude stocks in the week to July 31.
                                
 The poll also predicted a 1.2-million barrel rise in
distillate stocks and a 1.0-million barrel drop in gasoline
stocks. [EIA/S]
                                
 MARKETS NEWS
                                
 * Japan's benchmark Nikkei <.N225> share average opened up
0.3 percent, after U.S. stocks edged higher on economic data
pointing to a sustained recovery from the recession. [.T]
                                
 * The dollar gained modestly on Tuesday, but traded near its
2009 low against the euro as a surprisingly strong U.S. housing
report boosted hopes the worst of the recession was over. [USD/]
                                
 DATA/EVENTS
                                
 * The following data is expected on Wednesday:
                                
 - 0830 GMT--UK Industrial Output/June
                                
 - 0900 GMT--Euro Zone Retail Sales/June
                                
 - 1100 GMT--U.S. Mortgage Index/Weekly
                                
 - 1130 GMT--U.S. Challenger Job Layoffs/July
                                
 - 1400 GMT--U.S. Factory Orders/June
                                
 - 1400 GMT--U.S. ISM Non-Mfg Index/July
                                
 RELATED NEWS
> World stocks mostly steady, oil slips back     [MKTS/GLOB]
> Gold at 2-month high, sugar hits sweet note    [COM/WRAP]
                                
 PRICES
 Oil prices as of 0006 GMT          
 Contract Mnth    Price  Change  Day ago     pct     MA-20*
 NYMEX Contracts
 US Crude SEP9   $71.74   +0.32   -$0.16  -0.22%     $64.30
 Heat Oil SEP9   190.99   +0.85    +3.01  +1.61%     166.78
 RBOB     SEP9   205.03   -0.64    -1.26  -0.61%     181.16
 Natgas   SEP9   $3.958  -0.043  -$0.030  -0.74%     $3.563
 ICE Contracts
 Brent    SEP9       --   +0.00   +$0.73  +0.99%     $66.04
 Gasoil   AUG9       --   +0.00   +$4.25  +0.72%    $532.91
 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 Chris Gallagher)