* Oil gains over 1 pct, tops $83 on bullish Chinese data
* Weak U.S. dollar, cold weather lends further support
* Market to eye equities, weekly U.S. inventory data for
cues
By Fayen Wong
PERTH, Jan 11 (Reuters) - Oil prices bounced over 1 percent
and topped $83 a barrel on Monday, thanks to a hobbled U.S.
dollar and weekend data that showed China's crude oil imports
surging by over 25 percent to more than 20 million tonnes in
December.
Concerns over gasoline supplies following a fire at Korea
National Oil Corp's Newfoundland refinery in Canada, and cold
weather in the U.S. and Europe, are also lending support to
prices. []
U.S. crude for February delivery <CLc1> rose 60 cents to
$83.35 a barrel by 0225 GMT, after having risen earlier by 1.1
percent. The contract settled up 9 cents at $82.75 a barrel on
Friday.
London Brent crude <LCOc1> gained 59 cents to $81.96.
"The Chinese trade data is providing very strong underlying
support. Combined with the U.S. dollar weakness and cold
weather in the northern hemisphere, the market fundamentals are
now very strong," said Michelle Kwek, an analyst at Informa
Global Markets in Singapore.
"In the near term, we could see prices test the $85 levels
and the longer-term target would be around $90."
But oil is still 43 percent below its July 2008 high of
more than $147 a barrel.
China ended 2009 with record monthly imports of crude oil
and soybeans and a strong appetite for iron ore and copper,
while its aluminium and steel sectors saw a welcome increase in
export volumes. []
Monthly crude oil imports in the world's second-largest
energy consumer leapt above 20 million tonnes for the first
time ever in December, reaching 21.26 million tonnes, up almost
a quarter from November, according to Customs data published on
Sunday.
Hopes that the frigid weather in the United States will
help spur a drawdown in swollen oil inventories in data shown
later this week are also keeping prices supported, analysts
said. The U.S. dollar deepened losses on Monday, with the
index <.DXY> falling 0.4 percent against a basket of
currencies, extending its biggest loss in six weeks after U.S.
jobs data disappointed on Friday.
U.S. employers unexpectedly cut 85,000 jobs in December,
cooling optimism on the labor market's recovery and keeping
pressure on President Barack Obama to find ways to spur job
growth. []
Weak demand in the United States and other developed
economies have weighed on oil prices, with energy markets
looking to wider economic data for signs of a turnaround.
With little economic data due this week, analysts said
traders will seek directions from the equities markets and
possible news from the Chinese government on its economic
policy.
U.S. stocks could be in for a bumpy ride this week as three
Dow components kick off the quarterly earnings reporting
season, with investors clamoring for reassurances on future
profits. []
On the supply side, Chevron <CVX.N> said on Saturday it had
been forced to shut down 20,000 barrels per day (bpd) of crude
oil production in Nigeria, a day after security sources said
gunmen had attacked a pipeline operated by the U.S. firm.
[]
Mexico's three main oil exporting ports in the Gulf of
Mexico remained closed on Sunday afternoon due to bad weather,
the government said. []
(Reporting by Fayen Wong; Editing by Clarence Fernandez)
