* Industry data shows fall in gasoline inventories
* EIA expected to show U.S. crude stocks down, products up
* Nigerian militants agree 60-day ceasefire
(Updates throughout, previous PERTH)
By Joe Brock
LONDON, July 15 (Reuters) - Oil rose above $60 a barrel on
Wednesday, supported by data showing a fall in gasoline stocks
and after strong company earnings lifted expectations for
economic recovery.
U.S. crude for August delivery <CLc1> rose 99 cents to
$60.51 a barrel by 0920 GMT and Brent <LCOc1> rose $1.22 to
$62.08.
The contract settled at $59.52 a barrel on Tuesday, adding
to a decline that shaved 11 percent from the price last week in
the steepest weekly fall since January.
European and Asian equities rallied on Wednesday, tracking
gains on U.S. markets after upbeat results from Goldman Sachs
<GS.N> and Intel <INTC.O>, but doubts lingered about the
strength of any rebound and the implications for energy demand.
"The financial factors are lifting oil prices," said Carsten
Fritsch, oil analyst at Commerzbank. "But they are not driven by
strong fundamentals (of supply and demand)."
Weak demand for oil has generated big stockpiles and U.S.
motor fuel stocks have risen even though the summer driving
season is well under way.
Distillate stocks, including diesel, are at their highest
for nearly 25 years.
The oil market got a boost from a report by industry body
the American Petroleum Institute late on Tuesday, which showed a
drop in gasoline stocks, as well as in crude inventories.
[]
But traders will be waiting to see whether U.S. government
data for release at 1430 GMT will provide confirmation. []
A Reuters survey of analysts predicted the figures would
show rises in distillate and gasoline stockpiles and a fall in
unrefined crude.
ECONOMIC DATA ALSO SCRUTINISED
As the quest continues for evidence of economic recovery in
the top energy consumer and leading economy, investors were also
expected to scrutinise the raft of economic data for release
later on Wednesday.
It includes the weekly U.S. mortgage market index, the U.S.
consumer price index and industrial production and real earnings
for June.
The U.S. dollar fell against a basket of currencies on
Wednesday <.DXY>, but stayed in the narrow range it has traded
since mid-June. A weaker dollar can make commodities denominated
in the currency more attractive to investors. []
News Nigeria's main militant group had agreed a 60-day
ceasefire [] was theoretically bearish for the oil
markets, but traders had yet to be convinced it would translate
into a more stable environment for oil production.
Doubts over the sustainability of any truce were amplified
after Henry Okah, a Nigerian militant leader released by the
government on Monday, told Reuters he believed other militants
would keep attacking the country's oil industry. []
(Editing by Barbara Lewis)
