* U.S. GDP up 3.5 percent in Q3, beats expectations
* Dollar drifts as more data in focus after GDP cheer
* Concern flares over recovery pace after producer
warnings
(Updates prices)
By Fayen Wong
PERTH, Oct 30 (Reuters) - Oil paused from the previous
session's jump of 3 percent and steadied at below $80 a barrel
on Friday, as concern over sluggish economic recovery and
energy demand kept investors from pushing prices higher.
Oil prices jumped on Thursday, while U.S. stocks logged
their best one-day percentage gain in three months, as
investors saw data showing that the U.S. economy returned to
growth in the third quarter as brightening the outlook for
profits and oil demand [].
U.S. crude for December delivery <CLc1> inched up 8 cents
to $79.95 a barrel by 0632 GMT, after settling up $2.41 at
$79.87 on Thursday. London Brent crude <LCOc1> slipped 6 cents
to $77.98.
Although oil prices have risen nearly 79 percent so far
this year, they are still almost 46 percent below their July
2008 high of more than $147 a barrel.
"Risk appetite improved after better-than-expected third
quarter U.S. GDP numbers," said Natalie Robertson of Australia
& New Zealand Bank.
"But poor earnings reports from key oil producers...that
have flagged continued uncertainty over economic recovery and
energy demand are weighing on the market."
The world's largest economy grew at an annualised rate of
3.5 percent in the July-September period, beating forecasts of
a 3.3 percent rise and ending a deep slump. []
In another sign that demand in the world's largest fuel
consumer could rise, the number of U.S. workers filing new
claims for jobless benefits dipped by 1,000 last week.
However, Exxon Mobil Corp <XOM.N>, Royal Dutch Shell Plc
<RDSa.L> and Eni SpA <ENI.MI> dashed hopes for an imminent
turnaround for the oil industry, saying sluggish economic
recovery was weighing on energy demand and prices.
[]
Bearish comments from the trio also followed government
data on Wednesday that showed a surprise build in U.S. gasoline
inventories. []
Analysts said traders were also awaiting more economic data
to gauge if the pace of recovery in the U.S. was sustainable.
"More U.S. data is due later this day and positive numbers
could provide a fillip to commodities and stocks," said Tony
Beiber, an analyst at Suncorp Bank.
Friday's data includes the University of Michigan consumer
sentiment survey for October and the Institute of Supply
Management Chicago's October index for manufacturing activity.
[]
Still, analysts said oil prices were expected to find
support from the U.S. dollar.
The dollar, which tends to decline when doubts about a
global recovery fade, was back on the defensive on Friday, as a
bout of profit taking in growth-linked currencies and the euro
seemed to have run its course with investors piling back into
risk. []
Separately, OPEC seaborne oil exports, excluding Angola and
Ecuador, will rise 40,000 barrels per day (bpd) in the four
weeks to Nov. 14, an analyst who tracks future shipments said
on Thursday. []
Qatar, one of OPEC's smallest producers, has notified at
least two Asian term buyers that it will supply crude oil at
full contracted volumes for December, steady with November
levels, trade sources said on Friday. []
(Reporting by Fayen Wong; Editing by Clarence Fernandez)
