* Oil touches six-month high at $60.75
* U.S. crude inventory likely fell 200,000 bbls -poll
* Algeria says no reason for more OPEC output cuts
(Updates prices, adds comments)
By Chris Baldwin
LONDON, May 20 (Reuters) - Oil prices firmed above $60 a
barrel on Wednesday to touch a new six-month high as bullish
inventory data and a spate of refinery accidents in the United
States smoothed over investor resistance.
Fire struck gasoline making units at two U.S. refineries
this week, triggering a roughly 8 percent spike in U.S. gasoline
futures that will likely filter through to retail pumps just as
the summer driving season begins. []
U.S. crude <CLc1> rose 50 cents to $60.60 a barrel by 0952
GMT after briefly touching $60.75, and London Brent <LCOc1> rose
38 cents to $59.30.
"It's all on the back of those refinery glitches and some
Nigerian scuffle," said Rob Montefusco, an oil trader at Sucden
Financial in London.
"All the economic data out this morning has been terrible,
but if you strip it back, it's RBOB-led."
Reformulated gasoline blendstock for oxygen blending, or
RBOB <RBc1>, was trading at $1.8497 a gallon, up 2.05 percent on
the day and its highest level since October 16, 2008.
Oil prices have been on an upward trend since mid-April on
equity-led rallies. They have recovered from below $33 in
December after a plunge from record highs above $147 in July.
On Tuesday after oil markets closed industry group the
American Petroleum Institute (API) released data showing U.S.
crude stocks fell by a much larger than expected 4.5 million
barrels in the week to May 15. []
A Reuters poll showed government data due on Wednesday was
expected to show U.S. crude stockpiles fell last week by 200,000
barrels, with gasoline inventories down by 1.2 million barrels
and distillate stocks up 1.0 million barrels. []
Commodities markets have closely tracked the stock market in
recent months as dealers seek signs of economic health.
Tokyo's Nikkei average <> was up 0.59 percent at 0747
GMT, shrugging off data that showed Japan suffered a record
contraction in the first quarter. []
Oil data out of Tokyo, centre of the world's No. 2 economy,
also showed gasoline inventories at their lowest level since
September 2007 and kerosene stocks declining to a near
three-year low in part due to strong sales. []
The Algerian oil minister said the Organization of Petroleum
Exporting Countries (OPEC), which has agreed to cut 4.2 million
barrels per day of output since September to prop up oil prices,
has no reason to cut crude production more when it next meets on
May 28. []
"If the price stays at this level ... I don't think there
will be any reason to cut," said Algerian Energy and Mines
Minister Chakib Khelil in Buenos Aires.
Unrest in OPEC member Nigeria, Africa's top oil and gas
exporter, also drove up prices this week. Security forces
clashed with militants on Tuesday near an oil flow station
operated by Chevron <CVX.N> in the western Niger Delta.
Hundreds of Nigerian soldiers searched the creeks of the
Niger Delta to flush out militants who fled helicopter and
gunboat raids on their camps. []
(Additional reporting by Chua Baizhen, editing by Peter
Blackburn)
