* New U.S. jobless claims fall
* China's mixed Q1 GDP data limits gains
* Equities rise on JPMorgan Chase results
(Updates prices, adds detail)
By David Sheppard
LONDON, April 16 (Reuters) - Oil edged towards $50 a barrel
on Thursday but gains were limited as mixed data from the United
States and China reminded investors that any signs of economic
recovery were still tentative.
U.S. crude for May delivery <CLc1> was up 60 cents at
$49.85 a barrel by 1251 GMT, after rising to $50.30 earlier in
the session. ICE Brent crude for the new front month June
<LCOc1> was up 78 cents at $53.22 a barrel.
In the United States, the world's largest energy consumer,
the number of workers filing new claims for jobless benefits
unexpectedly fell last week, but continuing claims rose to a
fresh record as the recession bit. []
China, the world's number two energy consumer, said its
economy grew a slower-than-expected 6.1 percent in the first
quarter but also showed improvements in March, signalling the
worst of the slowdown could be over. []
European equity markets rose on Thursday after JPMorgan
Chase reported better-than-expected earnings. Wall Street had
risen in the previous session following guardedly positive
comments on the economy from the Federal Reserve.
However, the impact of the slowdown was illustrated by
consumer price data for March on Wednesday showing the United
States is experiencing deflation for the first time in nearly 54
years.
"Oil is only being supported near $50 a barrel by much
higher prices along the forward curve, as the market expects
fundamentals to improve towards the end of the year," Bache
Commodities broker Christopher Bellew said.
Oil contracts for delivery in December are trading near $60
a barrel.
The Organization of the Petroleum Exporting Countries (OPEC)
said on Wednesday world oil demand would fall by 1.37 million
barrels per day (bpd) in 2009, revised from its previous
forecast for a fall of 1.01 million bpd. []
Both the International Energy Agency (IEA) and the U.S.
Energy Information Administration (EIA) have also slashed their
global demand forecasts as the worldwide slowdown curbs
consumption.
But OPEC production cuts and a possible economic recovery
are expected to tighten the market later this year.
The drop in demand has seen U.S. crude oil inventories soar
to their highest level since September 1990, gaining 5.6 million
barrels last week alone, the EIA's weekly report showed on
Wednesday. []
"The U.S. inventory stats were really, really bad and we
expected oil to fall to around $43 to $48, but the bottom was
pretty firm even with the terrible data," said Tony Nunan, risk
manager at Tokyo-based Mitsubishi Corp.
"It looks like the market has found its bottom, but it's
going to struggle to go up from here."
(Editing by Anthony Barker)
