* U.S. government revises down world oil demand forecast
* Analysts predict no change in output at OPEC meeting
* Chinese crude imports down by surprise 15 percent for Feb
(Updates throughout, previous SINGAPORE)
By David Sheppard
LONDON, March 11 (Reuters) - Oil slipped towards $45 a
barrel on Wednesday, extending a near 3 percent drop in the
previous session ahead of the release of U.S. fuel stocks data.
U.S. light crude for April delivery <CLc1> fell 20 cents a
barrel to $45.50 by 1007 GMT, having pulled back sharply on
Tuesday from a two-day rally which saw prices rise above $48 a
barrel for the first time since January.
Brent <LCOc1> rose 2 cents to $43.98 a barrel.
Oil fell back sharply on Tuesday after the U.S. Energy
Information Administration (EIA) revised its global oil demand
forecast down sharply, and Saudi Arabia opted not to deepen
supply curbs to customers. [] []
China, the world's second largest oil consumer, saw crude
oil imports fall by a surprise 15 percent in February, extending
an 8 percent drop in January, as oil firms scaled 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. []
Prices have been underpinned ahead of the Organization of
the Petroleum Exporting Countries' (OPEC) production meeting
this weekend, with some members angling for further output cuts.
"Oil markets are little changed this morning, consolidating
after their losses yesterday," said VTB Capital analyst Andrey
Kryuchenkov.
"Supportive rhetoric from OPEC is likely to keep prices
intact ahead of the meeting, but if there are no changes to
current production levels then the market could well be
disappointed."
Imad al-Atiqi, a member of Kuwait's Supreme Petroleum
Council, said OPEC was likely to cut supplies when it meets in
Vienna on Sunday in remarks published in the al-Seyassah
newspaper. []
But other OPEC members have indicated a production cut might
not be necessary, as the market has shown signs of recovery
recently. []
Since falling to around $33 a barrel in both January in
February, prices have firmed above $40 a barrel so far in March,
as already-made OPEC output cuts begin to tighten the market.
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. []
U.S. FUEL INVENTORIES
More oil data will be released later on Wednesday by the 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 API 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.
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 EIA data will be released at 1430 GMT.
Additional reporting by Maryelle Demongeot in Singapore,
editing by Keiron Henderson)
