* U.S. crude stockpiles rise 1.7 million barrels
* Stocks at 16-year high
* Gasoline inventories rise, distillates fall sharply
(Updates prices, adds comment, recasts throughout)
By Chris Baldwin
LONDON, April 8 (Reuters) - Oil swung to above $51
a barrel on Wednesday after data from the U.S. Department of
Energy showed fewer crude imports and more refinery efficiency
in the past week.
The Energy Information Agency (EIA) said inventories of
crude rose 1.7 million barrels to 361.1 million barrels in the
week ended April 3. Analysts had forecast a build of 1.9 million
barrels.[]
U.S. light crude for May delivery <CLc1> rose $1.34 cents a
barrel to $50.59 by 1524 GMT. Crude for June delivery <CLc2> was
higher at $53.10, up from its Tuesday close at $51.91. The May
contract expires on April 21.
London Brent crude <LCOc1> rose $1.45 to $52.67. Brent for
June delivery, which becomes the front month on April 15, rose
$1.24 to $53.64.
Analysts said the EIA data served as an antidote to
Tuesday's American Petroleum Institute data for U.S. crude oil
stocks, which were seen as bearish and pushed the crude markets
down almost $2 in early trade.
"It was unlikely that EIA's numbers were going to contribute
much more 'bearishness'," said Jay Levine, a broker at Enerjay
LLC in Maine.
The EIA said weekly gasoline stocks in the United States
rose 600,000 barrels, compared with an expected rise of 1
million barrels.
"There is no way that this report could come out and not be
considered bullish," said Simon Wardell, an oil analyst at
Global Insight in London.
"There may be some indication the market is tightening a
bit, but we're starting from such a high position already that
another 1.7 million barrels on the pile isn't going to make such
a big difference," Wardell said.
A Reuters poll forecast an average build of 1.9 million
barrels for crude stocks, already at their highest since July
1993.
CORPORATE LOSSES
European equities rose in Wednesday afternoon trade,
gathering strength from U.S. stocks as banks advanced after
recent losses.
The dollar and yen rose against the euro on concerns that
U.S. expected corporate earnings showing losses could dampen
risk appetite, boosting safe-haven flows into the two
currencies. []
Demand for crude oil remains weak in the face of a global
economic downturn, and while price volatility on non-fundamental
data is a normal expectation, analysts said there was little in
the way of economic data pointing to prices going much higher.
"I would say it is still the financial market factors
driving this market up. Equities, forex," Wardell of Global
Insight said.
"Until there is a clear sign that demand is returning, I
don't see us getting much above this $50 range."
(Editing by Sue Thomas)
