NYMEX-Crude firms above $71 on big EIA stock draw

* EIA: crude supplies fall sharply as imports down

* Dollar rebounds against euro, Wall Street dips

NEW YORK, June 10 (Reuters) - U.S. crude oil futures firmed
above $71 a barrel on Wednesday after the government reported a
larger-than-expected crude inventory drawdown last week and a
surprise decline in refined products.

Crude futures reached a fresh seven-month high, but soon pared
gains as traders also weighed a recovery of the dollar against the
euro and as Wall Street dipped on recovery worries amid surging oil
prices.

Gasoline futures shot up to more than $2 a gallon for the first
time in eight months and heating oil futures surged to their highest
level in more than six months.

"Crude stocks are still 19.7 percent higher than a year ago, so
this is still not a tight market, but the larger than expected draw
is supportive short term nonetheless."

NYMEX crude futures' gains added to a strong finish on Tuesday,
having settled above $70 for the first time in seven months on a
weak dollar and ahead of the inventory data .

Also supportive, the U.S. Energy Information Administration
issued its latest forecast on Tuesday calling for higher world and
U.S. oil demand this year. [ID:nN09385541]

PRICES

* On the New York Mercantile Exchange at the 11:20 a.m. EDT
(1520 GMT), July crude CLN9 was up $1.05, or 1.5 percent, at
$71.06 a barrel, trading from $70.43 to $71.79, the highest intraday
since prices hit $71.77 on Nov. 4. On Tuesday, it settled at $70.01,
up $1.92, or 2.82 percent, the highest close since $70.53 hit on
Nov. 4.

* In London, July Brent crude LCON9 was up 92 cents, or 1.32
percent, at $70.54 a barrel, trading from $69.92 to $71.20. It
settled on Tuesday up $1.74, or 2.56 percent at $69.62, the highest
close since Oct. 21's $69.72.

* NYMEX July RBOB RBN9 was up 2.97 cents, or 1.51 percent, at
$1.9964 a gallon, trading from $1.9637 to $2.0075, the highest
intraday since prices hit $2.0690 on Oct. 9. It ended on Tuesday up
3.07 cents, or 1.59 percent, at $1.9667, the highest settlement
since Oct. 9's $2.0273.

* NYMEX July heating oil HON9 was up 1.64 cents, or 0.91
percent, at $1.8240 a gallon, trading from $1.8109 to $1.8482, the
highest intraday since Nov. 17's $1.8906. On Tuesday it settled up
3.97 cents, or 2.25 percent, at $1.8076, the highest close since
Nov. 14's $1.8318.

* The July/July RBOB crack spread <0#RB-CL=R> was at $12.79
after ending at $12.59 on Tuesday. The July/July heating oil crack
spread <0#CL-HO=R> was at $5.55, after finishing at $5.91 on
Tuesday.

* The spread between the current front month and the five-year
forward crude contract CLc61 was at $14.56, after ending at $15.61
on Tuesday. The July 2014 contract settled on Tuesday at $85.62, up
83 cents, or 0.98 percent.

TECHNICALS

Support/resistance:

NYMEX crude: $70.00/$73.00

NYMEX heating oil: $1.74/$1.8906

NYMEX RBOB: $1.9600/$2.0000

MARKET NEWS

* The EIA said domestic crude stocks fell 4.4 million barrels
to 361.6 million barrels against the forecast for just a 400,000
barrel drawdown in a Reuters poll. [EIA/S]

* Crude stocks at the NYMEX delivery hub in Cushing, Oklahoma,
fell 900,000 barrels to 29.0 million barrels.

* Gasoline stocks dropped 1.6 million barrels to 201.6 million
barrels going against the forecast for an 800,000 barrel increase.

* Distillate stocks fell 300,000 barrels to 149.7 million
barrels defying the forecast for a 1.4 million barrel build.

* Refinery utilization was down 0.4 percentage point, to 85.9
percent of capacity. The forecast was for an 0.3 percentage point
rise.

* The API said on Tuesday that U.S. crude stocks fell 6.0
million barrels, to 357.9 million barrels, gasoline stocks rose
27,000 barrels, to 205.6 million barrels, and distillate stocks were
up 19,000 barrels, to 150.7 million barrels.

* U.S. stocks fell with the Nasdaq dropping 1 percent, on
concern that surging oil prices may hurt an economic recovery. [.N]
and the U.S. dollar's rally gathered steam with the euro hitting
session lows. The greenback also rose against the yen . [USD/]

* The U.S. trade gap widened to $29.2 billion in April as
exports weakened again in a reflection of waning global demand, a
U.S. Commerce Department report on Wednesday showed.
[ID:nLA732745]
(Reporting by Gene Ramos; Editing by Marguerita Choy)