* Oil rises towards $46 after U.S. equity rebound, eyes
data
* EIA revises down oil demand f'cast again, to a 4-year low
* Analysts' poll sees no change in output at OPEC meeting
By Maryelle Demongeot
SINGAPORE, March 11 (Reuters) - Oil edged up towards $46 on
Wednesday on firm stocks and ahead of inventory data, after a
near 3 percent fall the previous day, when a forecast revised
down oil demand and Saudi Arabia opted not to deepen supply
curbs.
Asian stocks rallied on Wednesday, in line with a 6 percent
surge on Wall Street the previous session, on hopes Citigroup
<C.N> will deliver a first-quarter profit, but growing supplies
and low demand remained high on investors' minds. []
U.S. light crude for April delivery <CLc1> rose 12 cents to
$45.83 a barrel by 0324 GMT, after having settled down $1.36 a
barrel on Tuesday at $45.71, bringing an end to a two-day rally
that had lifted oil above $47.
London Brent crude <LCOc1> rose 40 cents to $44.36.
"Today's slightly bullish market, after the stocks markets
in the U.S. were quite strong, is temporary," said Ryuichi
Sato, an analyst at Tokyo-based Mizuho Corporate Bank.
"If OPEC decides on further cuts, of course it will be a
bullish factor. But demand is still quite weak, especially in
the U.S., and we cannot expect an upward trend on the oil
market for a while," he added.
More inventory data will be released later on Wednesday by
the U.S. Energy Information Administration (EIA), after a first
set of data released by industry group American Petroleum
Institute pushed prices lower in post-settlement trading.
[]
The data showed an unexpected 1.7 million barrel rise in
gasoline stocks, contrary to analysts' expectations, and a
419,000 barrel fall in U.S. crude stocks.
Traders monitoring gasoline stocks ahead of the summer
driving season were disappointed at the data as U.S. gasoline
demand in recent weeks had shown signs of rising compared with
a year earlier.
Analysts had forecast earlier on Tuesday that the data
would show a 400,000 barrel build in crude oil stocks and a
400,000 barrel drop in gasoline stocks.
The ballooning gasoline stocks come as oil demand is
expected to slide further.
The EIA lowered its world oil demand forecast for 2009
again to 84.27 million barrels per day (bpd), down 430,000 bpd
from its previous projection, and to its lowest level since
2005. []
This is the 11th time that the EIA has lowered its estimate
for 2009 global oil demand in its last 14 monthly forecasts.
Economic worries, such as the International Monetary Fund's
warning that the world economy will likely contract this year
in a "Great Recession" [], have dragged oil prices
down more than $100 from record highs hit last July.
In response, OPEC is likely to enforce existing quotas
rather than cut output further when it meets on Sunday, a
Reuters poll showed on Tuesday. []
The poll came after Saudi Arabia surprised its Asian
customers by saying it will largely maintain crude supplies
next month on Tuesday, another sign Riyadh may urge its fellow
OPEC members to refrain from further output cuts at the
meeting. []
(Editing by Ben Tan)
