* Crude stocks up last week, Cushing to record high-EIA
* Gaddafi forces put Libyan rebels in retreat
* Coming up: U.S. jobless claims, 8:30 a.m. EDT Thursday
(Recasts, updates prices and market activity, changes byline
and moves dateline from previous LONDON)
By Robert Gibbons
NEW YORK, March 30 (Reuters) - Crude oil prices hovered
near unchanged on Wednesday in choppy, thin trading after
slumping on data showing rising U.S. crude stockpiles even as
Libya and Middle East uncertainty limited losses ahead of the
close of first-quarter 2011.
Crude oil inventories rose more than estimates in the week
to March 25, and stocks at the Cushing, Oklahoma, delivery
point for the U.S. light sweet crude contract jumped to a
record high, according to the Energy Information
Administration's weekly report. []
Rebels in Libya pulled out of the oil town of Ras Lanuf
under heavy bombardment from Muammar Gaddafi's forces, showing
their weakness without Western air strikes to tip the scales in
their favor. []
Brent crude futures for May delivery <LCOc1> rose 23 cents
to $115.39 a barrel by 12:44 p.m. EDT (1644 GMT).
U.S. May crude futures <CLc1> dipped 5 cents to $104.74 a
barrel, swinging between $103.44 and $105.15.
With the first quarter ending on Thursday, trading volume
remained low on Wednesday and brokers and analysts continued to
note that the uncertain Libyan and Middle East and Japan
scenarios have also helped dampen volume.
Total U.S. crude trading volume at just over 348,000 lots
traded, was 56 percent below the 30-day average. Brent trading
volume just above 224,000 also was tracking below average.
U.S. crude inventories rose a more-than-expected 2.95
million barrels last week, but gasoline inventories fell 2.7
million barrels, the EIA report said.
Distillate stocks, which include heating oil and diesel
fuel, posted a slight gain against expectations of a dip.
The recent drops in gasoline inventories, while reflecting
refiners draining winter grade fuel ahead of summer driving
season, have been supportive to U.S. gasoline futures <RBc1>
and analysts have noted resilient demand despite rising pump
prices.
"Crude stocks rose more than many people were expecting and
while gasoline stocks are drawing due to exports and the switch
from winter to summer grade fuel, demand is not strong," Andy
Lebow, trader with MF Global in New York, said.
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Graphic - US consumer confidence: http://r.reuters.com/nan78r
More on Middle East unrest: [] []
Libya Graphics http://link.reuters.com/neg68r
Interactive graphic http://link.reuters.com/puk87r
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Also providing some support ahead of the oil data, ADP
employment data showed the U.S. private sector added 201,000
jobs in March, with the report arriving ahead of Friday's
government monthly payrolls report. []
While unrest in Yemen, Syria and the fight in Libya keep
dangers to supply in focus, analysts continue to point out
demand uncertainties with quake-hit Japan and sagging consumer
sentiment in the United States and the euro zone debt
problems.
OBAMA SEEKS LOWER OIL IMPORTS
Oil prices did not react to President Barack Obama's speech
setting an ambitious goal to cut U.S. oil imports by a third
over 10 years.
Obama said the country, which relies on imported oil for
roughly half of its daily needs, must increase its energy
independence to improve national security.
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For more stories on Obama energy goals []
Instant View []
Factbox: energy issues facing White House []
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(Additional reporting by Ikuko Kurahone in London and
Alejandro Barbajosa in Singapore; Editing by Marguerita Choy)
