UPDATE 3-Oil rises above $71 after record Chinese oil data

                                
 * Oil edges up after three-day losing streak
                                
 * China's factory output and investment miss forecast
                                
 * But crude imports surge to record, refinery runs strong
                                
 * EIA could lift world oil demand forecast in Aug report
 (Updates prices, adds Chinese retail sales)
                                
 By Maryelle Demongeot
                                
 SINGAPORE, Aug 11 (Reuters) - Oil rose above $71 on
Tuesday, ending a three-day losing streak as record Chinese oil
imports and refinery production helped offset mixed economic
data, while traders anticipated key reports on the state of
global demand.
                                
 China reported below-forecast growth in factory output and
investment on Tuesday, but a further pick-up in exports and
higher than expected retail sales, underlining why senior
officials keep reminding markets that recovery in the world's
third-largest economy is not yet on solid ground.
[ID:nPEK328668]
                                
 But oil data showed a brighter picture for the world's No.
2 consumer, with imports surging 42 percent on the year in July
to a record 4.62 million barrels per day as refiners boosted
exports and cashed in on retail price hikes in June.
[ID:nPEK336290]
                                
 "We believe the July (crude imports) figure is not a
fluke," said analyst Gordon Kwan of Mirae Asset Securties. "The
record number is driven by strong fuel demand and commercial
restocking."
                                
 U.S. light crude for September delivery <CLc1> rose 46
cents to $71.06 a barrel by 0636 GMT, having fallen 33 cents on
Monday when it tracked Wall Street losses. Oil has more than
doubled from this winter's low $30s but high inventories
worldwide have kept prices in check as they suggest still weak
demand.
                                
 London Brent crude <LCOc1> rose 34 cents to $73.84 a
barrel.
                                
 DEMAND VIEWS
                                
 With Tuesday's deluge of China data out of the way, traders
will now shift their focus to the pace of demand recovery in
harder-hit Western economies, with a slightly brighter economic
outlook possibly prompting the EIA to again raise its world oil
demand forecasts when it releases its August report at 1600
GMT.
                                
 In its July outlook, the EIA raised its 2009 global oil
demand projection to 83.85 million barrels per day from the
previous forecast of 83.68 million -- still well below 2008
levels of 85.41 million bpd. [ID:nN10480951]
                                
 OPEC will also release its monthly oil report on Tuesday,
followed by the International Energy Agency on Wednesday.
                                
 The next set of weekly U.S. oil stock data is expected to
show steep 1.5 million barrels drawdown in U.S. gasoline
stocks, deeper than the previous week's 200,000 barrels fall,
but a bearish 800,000-barrels rise in crude stocks on higher
imports and lower refinery utilization. [EIA/S]
                                
 The American Petroleum Institute will release a first set
of data at 2030 GMT, to be followed on Wednesday by data from
the Energy Information Administration (EIA).
                                
 Traders will also watch the policy-setting Federal Open
Market Committee (FOMC) meeting on Tuesday and Wednesday for
any signs of a plan to exit its ultra-loose monetary policy,
although it is not expected to change interest rates.
[ID:nN07416548]
                                
 The worst U.S. recession since the Great Depression will
probably end in the third quarter, but uncertainty exists over
the speed and duration of the economic recovery, according to
the most recent survey of private economists. [ID:nN10357888]
 (Editing by Clarence Fernandez)