* Imports to China rise 42 percent
* OPEC leaves demand forecasts unchanged for 2010
* EIA to issue latest supply/demand data at 1600 GMT
* Financial markets still an underlying factor
(Updates throughout)
By Emma Farge
LONDON, Aug 11 (Reuters) - Oil prices pushed above $71 a
barrel on Tuesday, spurred by record fuel imports to the world's
second biggest energy user China, but the market was cautious
ahead of the next set of supply and demand data.
U.S. crude <CLc1> was up 44 cents to $71.04 by 1213 GMT.
London Brent crude <LCOc1> gained 33 cents to $73.83.
Imports to China surged by 42 percent in July to a record
4.62 million barrels per day as refiners raised output and this
gave oil prices an early lift. []
OPEC left its forecasts for world oil demand unchanged in
its monthly report with consumption expected to fall 1.65
million bpd in 2009 before rising by 500,000 bpd in 2010.
[]
This was regarded as neutral for the market and analysts are
braced for the U.S. government's Energy Information
Administration (EIA) monthly report at 1600 GMT, which they say
will offer further insights into future supply and demand.
"The focus is going to be definitely on the demand and
people will look for green shoots and upwards revision," said
Petromatrix analyst Olivier Jakob.
The United States last Friday reported the first fall in the
unemployment rate for 15 months, prompting some oil analysts to
anticipate a faster economic recovery, which could revive oil
demand. []
European shares were lower on Tuesday, but the potentially
bearish impact of this news was eclipsed by concerns about a
potential shift in oil market fundamentals.
Analysts will also be watching weekly American Petroleum
Institute inventory data late on Tuesday, followed by weekly
U.S. government data on Wednesday.
The weekly data is expected to show gasoline stocks will
have dropped by 1.5 million barrels in the week ending Aug. 7.
[]
Distillate stocks, including diesel, were also seen lower,
but overall crude stocks were expected to fall as refineries cut
run rates.
Analysts said the slew of weekly and monthly reports had
helped steer the focus back to the fundamentals of supply and
demand, although financial factors were still a major
consideration.
For much of this year, the oil market has taken its cue from
rallying equity markets and these have helped to tow prices up
from lows of beneath $33 a barrel last December.
"By the end of the week we will be back on to financials. It
is these factors that are still in the ascendancy," said analyst
Simon Wardell of Global Insight, adding that a stronger dollar
could cap gains on oil.
A stronger dollar makes dollar-denominated commodities such
as oil less attractive to non-dollar buyers.
The dollar's direction could depend on the policy-setting
Federal Open Market Committee (FOMC) meeting on Tuesday and
Wednesday, although it is not expected to change interest rates
in the near term. []
(Additional reporting by Maryelle Demongeot; Editing by Keiron
Henderson)
