UPDATE 1-Euronav loss narrows in Q4, optimistic on '08

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BRUSSELS Jan 22 (Reuters) - Belgian crude oil transporter Euronav (EUAV.BR) reported a fourth-quarter net loss of $12.1 million, better than market expectations, amid a weak but recovering freight market for transporting crude oil.

"In late November ... the market bounced back suddenly, following a boost in production from OPEC (which) translated (into) an increased demand for transport," it said in a statement on Tuesday.

The group sliced its loss nearly in half compared with a $23.3 million deficit posted in the third quarter.

Four analysts polled by Reuters had on average forecast a loss of $12.88 million for the fourth quarter.

Euronav, based in Antwerp, one of Europe's largest ports, said market prospects have made it more optimistic than previously for 2008.

Euronav also said that since August 2007 it had bought back 740,100 of its own shares at an average price of 21.80 euros and may buy more. (Writing by Julien Ponthus; Editing by Dale Hudson and David Holmes)