UPDATE 2-Oil rises above $50, buoyed by equities, data

                                
 * U.S. EIA data due at 1430 GMT
                                
 * API says U.S. crude stocks rise sharply, gasoline falls
                                
 * U.S. consumer confidence data seen as supportive
 
 (Updates throughout, changes dateline, pvs PERTH)
                                
 By Christopher Johnson
                                
 LONDON, April 29 (Reuters) - Oil prices climbed above $50
per barrel on Wednesday, supported by rising stock markets and a
bigger-than-expected improvement in U.S. consumer confidence,
despite concerns over the impact of a global flu crisis.
                                
 Investors shrugged off a bearish industry report on Tuesday
showing a large build in U.S. crude stocks and instead looked
ahead to figures due later from the U.S. Energy Information
Administration and to economic data and equities for direction.
                                
 U.S. crude oil for June delivery <CLc1> rose 70 cents to
$50.62 a barrel by 0911 GMT, paring earlier losses of as much 80
cents. London Brent crude was up 65 cents at $50.64 a barrel.
                                
 "Favourable macro news out of the United States in the form
of improving consumer confidence readings and a moderation in
the rate of decline in home prices were both constructive," MF
Global Energy said in its daily report.
                                
 Stock markets bounced on Wednesday, reversing some of the
previous session's losses. European stocks gained ground in
early trade with the FTSEurofirst 300 <.FTEU3> index of top
European shares up 0.5 percent at 805.48 points.
                                
 On Tuesday the European stock index lost 1.5 percent, hit by
fears over the economic impact of the swine flu outbreak.
                                
 
                                
 SHELL
                                
 Royal Dutch Shell <RDSa.L> gained 0.8 percent after
outperforming analysts' forecasts, although it reported sharply
lower first-quarter profits due to lower prices. [nLS836370]
                                
 Speaking after the results, Shell's Chief Financial Officer,
Peter Voser, said oil prices were unlikely to rise significantly
in the next 12-18 months because of economic weakness.
                                
 "It will take time for the economy to recover, and hence the
oil and gas price will be affected by that," said Voser.
                                
 But oil and stock markets were supported on Wednesday by
U.S. data on Tuesday showing U.S. consumer confidence rose in
April to its highest this year with some expectations the
economic downturn may be reaching a bottom. [nN28301794]
                                
 A separate report suggested the decline in U.S. home prices,
the epicentre of the downturn, may be slowing. [nN28297929]
                                
 Oil price slipped earlier after data on Tuesday showing U.S.
crude stocks rose 4.6 million barrels in the week to April 24.
The data from the American Petroleum Institute were more than
double analysts' expectations for a 2.1 million-barrel increase.
[nN28349048]
                                
 The API report came ahead of the more authoritative U.S.
Energy Information Administration, due at 1430 GMT. [EIA/S]
                                
 New swine flu infections were found around the world on
Tuesday and the spectre of a pandemic hit the travel industry as
governments warned people to stay away from Mexico where more
than 150 people have died. [nN28339619]
                                
 The flu has hit airline stocks on expectations travel will
be curtailed, and analysts warned jet fuel demand may slump,
citing the drop in consumption that corresponded to the SARS
epidemic in 2003. [ID:nN27529438]
                                
 (Additional reporting by Fayen Wong in Perth; editing by
William Hardy)