* Dollar index weakens, gold at record high
* EIA inventory report, U.S. economic data due later
* API reports big rise in U.S. crude stockpiles
* Oil consensus forecast in 2010 rises-Reuters poll
(Adds details on Reuters oil price poll paragraphs 7-8,
updates prices paragraph 3)
By Alex Lawler
LONDON, Nov 25 (Reuters) - Oil rose above $76 a barrel on
Wednesday as the dollar weakened and investors awaited a report
on U.S. inventories expected to show rising crude stockpiles and
lower distillate supplies.
The dollar weakened, increasing the appeal of oil and
commodities to some investors, and equities moved higher in
Europe, supported by an upward revision in the Federal Reserve's
U.S. growth forecast in 2010.
U.S. crude for January <CLc1> rose 38 cents to $76.40 a
barrel by 1025 GMT, after settling down $1.54 at $76.02 on
Tuesday. Brent crude <LCOc1> was up 67 cents at $77.13.
"There are a few little straws in the wind to help the
market back up, such as better demand in China and the weak
dollar," said Christopher Bellew, a broker at Bache Commodities.
The dollar also supported gold, which struck a record high
for a second time this week. Crude has more than doubled from
below $33 in December, though the market is still far below its
record of more than $147 hit in July 2008.
China's apparent oil demand in October rose 10.3 percent
from a year earlier, the seventh rise in a row, according to
Reuters calculations based on official data on Monday.
[]
HIGHER FORECAST
U.S crude is expected to average $75.40 a barrel in 2010, a
Reuters poll showed on Wednesday, but analysts said the deep
pool of global supply would keep short-term price growth in
check.
The poll of 28 analysts showed a rising consensus forecast
for the seventh consecutive month. In April of this year, the
average forecast for 2010 was $65.95 a barrel. []
Later on Wednesday, a report on U.S. oil inventories from
the Energy Information Administration (EIA) will give the latest
snapshot of supplies, while economic data will further indicate
the pace of recovery.
Traders will focus on whether the EIA confirms figures from
industry group the American Petroleum Institute on Tuesday,
which showed a 3.3 million-barrel rise in crude inventories. The
EIA report is due at 1530 GMT.
The EIA report is also expected to show a small decline in
stocks of distillates, which include heating oil and diesel.
Oil markets have increasingly looked to economic data this
year for signs of a global recovery to boost demand. U.S.
figures due later includes weekly jobless claims and October
durable goods orders at 1330 GMT.
(Additional reporting by Jennifer Tan in Singapore; Editing by
James Jukwey)
((+44 207 542 4087, alex.lawler@reuters.com; Reuters Messaging:
alex.lawler.reuters.com@reuters.net))
