* European shares hit 2009 high, Wall Street to open higher
* China PMI hits one year high, crude stocks down
* U.S. dollar his 2009 low as risk appetite rises
(Updates prices)
By Alex Lawler and Ikuko Kurahone
LONDON, Aug 3 (Reuters) - Oil rose more than $2 to hit a
one-month high above $71 on Monday as positive Chinese economic
data and firmer equities bolstered hopes of economic recovery
and higher energy demand [].
U.S. crude <CLc1> added $2.05 to $71.50 a barrel by 1314
GMT, having hit an intra-day high of $71.55, the highest since
July 1 according to Reuters charts. Brent crude <LCOc1> gained
$1.72 to $73.42.
"We are getting close to the resistance area for crude oil
and we need the continued support of equities," said Olivier
Jakob, analyst at Petromatrix. "As long as this continues, the
dips are going to be bought."
European shares hit a new high for 2009, led by banks. []
U.S. stocks headed for higher opening. []
The latest gain in oil prices brings oil within sight of the
2009 high of $73.38 set in June, where Jakob and other analysts
who use past price moves to predict direction see key resistance
that prices could struggle to rally beyond.
On Friday, crude rallied almost 4 percent as data showed the
U.S. economy shrank at a smaller-than-expected 1 percent
annualised pace in the second quarter, raising hopes the
recession was easing.
The market climbed about 2 percent last week -- the third
straight week of gains -- which helped to reverse steep losses
in the middle of the month and brought July's monthly decline to
a marginal 0.6 percent.
"The U.S. growth number has confirmed that the worst is
behind us and the focus now is to find out how quick the
recovery will be," said Ben Westmore, a commodities analyst at
the National Bank of Australia.
China's crude stockpiles in June, including both state
strategic and commercial reserves, declined 2.7 percent from a
month earlier, the first fall in four months, China OGP, a
newsletter run by Xinhua, reported on Monday [].
Analysts said a weak dollar, which slid to its lowest point
this year on Monday against a basket of currencies amid
increased risk appetite, would offer support to oil. []
[]
Supply curbs by the Organization of the Petroleum Exporting
Countries since last year in response to falling demand have
helped crude rally from below $33 in December.
However, output from 11 members from the OPEC rose slightly
in July, lowering its compliance rate to its agreed supply curb
to 71 percent from 72 percent in June, a Reuters survey showed.
[]
(Reporting by Fayen Wong in Perth, Alex Lawler and Ikuko
Kurahone in London, editing by Peter Blackburn)
