* U.S. jobless claims at lowest in more than two years
* Coming up: U.S. EIA inventory data due at 1600 GMT
* Analysts forecast drawdown in U.S. crude stocks
(Updates prices, adds data)
By Zaida Espana
LONDON, Dec 30 (Reuters) - Oil prices slipped under $91 in
thin trading volumes on Thursday ahed of the release of the
latest weekly U.S. oil inventory data, expected to show a
drawdown in crude stocks for the fourth consecutive week.
U.S. crude for February delivery <CLc1> fell 57 cents to
$90.55 a barrel by 1415 GMT. ICE Brent crude <LCOc1> shed 41
cents to $93.73.
Oil prices brushed off a positive reading of new U.S.
jobless claims, which fell to their lowest levels in two years,
suggesting the labour market could be regaining strength.
[]
Prices have traded range-bound near $91 a barrel after
touching 26-month highs of $91.88 a barrel at the start of the
week, but weakened during the penultimate trading session of
2010.
"The market environment is still very solid but you will see
a bit of taking off risk before year end," Barclays analyst
Amrita Sen said.
Investors awaited the latest U.S. Energy Information
Administration's weekly data due at 1600 GMT, with analysts
forecasting a 2.6 million barrel drawdown in crude inventories,
potentially marking the fourth straight weekly fall. []
According to the survey, middle distillate stocks are
expected to have fallen 600,000 barrels as abnormally cold
weather stimulated demand; while gasoline stocks are forecast up
1.4 million barrels.
But Wednesday's report by industry group American Petroleum
Institute (API) confounded analysts' expectations with a 3.1
million-barrel rise in crude stocks. []
The API data also showed a build of 4.1 million crude
barrels in the MidWest, or PADD 2.
"If the DOE was to confirm the API, then at 99.1 million
barrels it would be the highest level ever for crude oil stocks
in the Midwest (Padd2)," Petromatrix's Olivier Jakob said, which
could pressure prices.
VOLUMES THIN AHEAD OF NEW YEAR
Volumes were thin with 33,799 deals by 1416 GMT compared
with a daily average of around 105,369 over the past three days.
"It's relatively quiet trading today with a very short range
and low volatility, (the prices have done) just a few cents in
both directions," Commerzbank commodities analyst Daniel
Briesemann said.
"We must wait until beginning of next year to get a clearer
picture of where prices will go."
(Additional reporting by Randy Fabi in Singapore; editing by
Keiron Henderson)
