* Oil rebounds after more than $1 fall on bearish stocks
data
* Asian stocks rise to their highest in 11 weeks
* U.S. crude stocks at highest since July 1993
(Updates prices, adds quote)
By Maryelle Demongeot
SINGAPORE, March 26 (Reuters) - Oil bounced above $53 a
barrel on Thursday, after falling more than a dollar in the
previous session on bearish U.S. oil inventory numbers, as
investors focused on hopes of an early return to economic
growth
Asian stocks rose to their highest in 11 weeks on Thursday,
bolstered by strong U.S. new home sales and durable goods data
out on Wednesday, with Japan's Nikkei index <> closing
1.84 percent higher. []
U.S. light crude for May delivery <CLc1> rose 67 cents a
barrel to $53.44 a barrel by 0631 GMT, having shed $1.21 on
Wednesday to settle at $52.77.
London Brent crude <LCOc1> rose 77 cents to $52.52.
"Oil is following the stock markets, which are doing well.
It is also rebounding from yesterday and there may be
short-covering going on. But I think we'll see lots of selling
orders when the market is close to $55. There is some
resistance at $55 in the short term," said Ken Hasegawa, a
commodity derivatives sales manager at broker Newedge in Tokyo.
Prices had fallen on Wednesday, dragged lower by U.S.
government figures showing crude stocks up at their highest
levels since July 1993, indicating continued weak demand in the
world's largest oil consumer. []
"Inventories are up their highest since 1993 as demand is
weaker. The oil markets are reacting to the stronger economy
but prices should stay in the $50s for the time being," said
Tetsu Emori, fund manager at Astmax Co Ltd.
The EIA showed seasonal distillates and gasoline draws in
its weekly stocks data but said demand over the past four weeks
for distillates, which include diesel, is running 9 percent
below last year due to an economically driven slump in
trucking, shipping, and manufacture.
Crude stocks could rise further over the next few weeks as
refiners cut production further.
"Additional refinery run cuts look set to put renewed
downward pressure on crude prices, while providing product
prices with a measure of support in the face of weak demand,"
said brokerage firm Newedge in a report, as it noted that
refinery runs on the East Coast have already slid to a
near-all-time record low.
The weak oil fundamentals dragged prices lower on
Wednesday, defeating the more bullish mode on the equity
markets which closed higher on upbeat U.S. housing and durable
good data.
The U.S. government reported that new home sales in the
U.S. unexpectedly rose at their fastest pace in 10 months in
February, while U.S. orders for long-lasting manufactured goods
also unexpectedly rebounded in the same month. [].
Oil has tumbled from highs above $147 last July as the
global economic crisis has dented energy demand worldwide but
recovered from lows below $35 touched in December thanks to
supplies curbs by the Organization of the Petroleum Exporting
Countries.
The producer group has agreed to cut output by 4.2 million
barrels from September levels but an EIA report on Wednesday
estimated that the organisation as a whole reached a 67 percent
compliance to the targeted cuts in February, down from previous
estimates of compliance at around 80 percent. []
(Editing by Ben Tan)
