* Brent supported by potential increase in US import needs
* U.S. crude also rallies, wide discount to Brent persists
* EIA says U.S. crude stocks fall; products up
(Adds U.S. inventory report, updates prices)
By Alex Lawler
LONDON, Jan 12 (Reuters) - Brent crude oil prices rose 1
percent to near $99 a barrel on Wednesday for the first time in
27 months as production shutdowns and growing global demand
raised expectations of tighter supplies.
Two Norwegian oilfields resumed output on Wednesday after a
a 20-hour interruption, caused by a gas leak, had supported oil
prices. []. The Trans Alaska Pipeline, which ships
about 12 percent of U.S. crude output, was shut on Saturday
because of a leak, although shipments restarted at a reduced
rate.
Brent <LCOc1>, the benchmark for oil trade in Europe, the
Middle East and Africa, rose $1.11 to $98.72 a barrel at 12:31
p.m. EST (1731 GMT), after touching $98.80, the highest in 27
months. U.S. crude <CLc1> traded up 92 cents to $92.03.
"Worsening sentiment is the only thing that could derail
the price rally at the moment," said Carsten Fritsch, analyst
at Commerzbank, who said $100 oil looked imminent. "It seems
only a matter of time, if sentiment remains positive and more
disruptions on the supply side come in."
U.S. crude traded more than $7 below Brent on Tuesday, the
widest spread since February 2009, because of high inventories
at the Cushing, Oklahoma, delivery point <CL-LCO1=R> for U.S.
crude futures and tighter supply of Brent-related crudes.
Oil also gained support from a weekly U.S. government
supply report that showed a larger-than-expected,
2.15-million-barrel decline in crude stocks last week.
The Energy Information Administration's report also said
gasoline and distillates stocks rose more than analysts had
expected. []
RISING DEMAND, OPEC RESTRAINT
Oil also gained support from forecasts for higher heating
demand this week as the U.S. Northeast, the world's biggest
heating oil market, was hit with another snowstorm. []
[]
Global oil demand this year is forecast to reach a record
88.6 million barrels per day, following much faster demand
growth last year than most analysts had expected. []
At the same time, the Organization of the Petroleum
Exporting Countries is sticking to a production-restraining
output policy it agreed to more than two years ago, when
recession hit demand and prices.
Other analysts said Brent could reach $100 soon, given that
it has climbed above price levels acting as technical
resistance that could have stood in the way of the rally.
"The $100 magnet on Brent is within daily reach," said
Olivier Jakob of Petromatrix. "The only real technical
resistance left on Brent is $100."
(Additional reporting by Alejandro Barbajosa; editing by
Walter Bagley)
