* U.S. Gulf of Mexico storm eases
* U.S. crude oil stocks seen higher
* Global energy demand up 1.5 pct annually through 2030 -IEA
(Updates prices)
By Chris Baldwin
LONDON, Nov 10 (Reuters) - Oil prices rose on Tuesday to
above $80 a barrel after a late-season hurricane disrupted oil
and gas output in the Gulf of Mexico and the dollar stayed close
to a 15-month low.
U.S crude for December delivery <CLc1> was up 92 cents to
$80.35 a barrel by 1525 GMT, after trading most of the session
below yesterday's close of $79.43.
London Brent crude <LCOc1> was up $1.01 at $78.78.
Hurricane Ida, the first real weather threat to oil
production of the 2009 season, was downgraded to a tropical
depression on Tuesday, but output remained curtailed as
producers awaited its passage out of the Gulf.
Ida shut in 29.6 percent of oil production and 27.5 percent
of gas output from the Gulf of Mexico, the U.S. Minerals
Management Service said Monday. []
Traders said other reasons for oil's gains were the dollar's
ongoing weakness, which has also spurred gold to record highs
above $1,100 an ounce.[][]
"We've held onto the hurricane gains, but the strength in
gold above $1,100 and the weak dollar are the reasons we haven't
come down more," said Christopher Bellew, a broker at Bache
Commodities.
The dollar rose on Tuesday from a 15-month low, but analysts
said the trend of dollar weakness was still in place,
potentially providing support for dollar-denominated
commodities. []
2030 SCENARIO
Looking to the long term, the International Energy Agency
published its annual World Energy Outlook on Tuesday,
forecasting a rise in primary energy demand globally by 1.5
percent every year until 2030, and calling for $26 trillion in
investment to meet the expected demand. []
Market reaction to the report was negligible because the
annual report is "a projection on the basis of a scenario,
trying to look 20 years out," Harry Tchilinguirian, senior oil
analyst at BNP Paribas, said.
"Long term it's an important guideline, but any reactions in
oil short-term will be on dollar moves, equity markets and
central bank decisions," he said.
"Market-wise, the big issue is how commodities are being
targeted by investors looking for yield as a result of
accommodative monetary policy," Tchilinguirian said.
INVENTORY STOCKS
The latest snap shots on near-term fundamentals will come
from U.S. inventory data.
Analysts predicted U.S. crude oil inventories last week rose
slightly because of higher imports, according to analysts polled
by Reuters late on Monday. []
Industry group the American Petroleum Institute (API) will
release weekly inventory data later on Tuesday, while a report
from the U.S. Energy Information Administration (EIA) will be
delayed from Wednesday to Thursday due to a federal holiday on
Nov. 11.
Oil prices have more than doubled from a low of less than
$33 touched in December, although they are still barely half
their high of more than $147 a barrel touched in July last year.
"The catalyst for this rally has been, in our view,
long-anticipated signs of improvement in oil fundamentals in the
context of generally constructive economic data," analysts at
Goldman Sachs wrote in their Commodity Watch note to investors.
"Strong emerging market demand has pulled supply elsewhere,
reducing U.S. petroleum imports. Specifically, Chinese oil
demand continues to surge, driven by strong economic activity."
(Additional Reporting by Felicia Loo in Singapore; editing by
Keiron Henderson)
