* Oil steadies around $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
* Chinese crude imports down by surprise 15 percent for
Feb
(Updates headline, lead, prices; adds Chinese data)
By Maryelle Demongeot
SINGAPORE, March 11 (Reuters) - Oil steadied below $46 on
Wednesday ahead of U.S. 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.
A rally in Asian stocks supported oil prices, after a 6
percent surge on Wall Street the previous session on hopes
Citigroup <C.N> would deliver a first-quarter profit, but
Chinese data weighed on the market. []
U.S. light crude for April delivery <CLc1> rose 5 cents to
$45.76 a barrel by 0608 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 34 cents to $44.30.
"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.
China's crude oil imports in February fell by a surprise 15
percent, extending an 8 percent drop in January, as oil firms
appeared to scale back purchases after heavy stockpiling last
year and on a slow demand recovery. []
The low crude imports came after mixed data released
earlier on Wednesday showed China's exports tumbling in
February as the world's third-largest economy felt the full
force of the global financial crisis, while capital spending
accelerated with the help of the government's massive stimulus
package. []
More oil data will be released later on Wednesday by the
U.S. Energy Information Administration (EIA) with its weekly
stocks data, 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, and bearish Chinese data,
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 probably 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 on Tuesday it would largely maintain crude
supplies next month, another sign Riyadh might urge fellow OPEC
members to refrain from further output cuts at the meeting.
[]
(Editing by Clarence Fernandez)
