NYMEX-Crude edges up towards $70, pares losses from stocks rise

TOKYO, Oct 8 (Reuters) - U.S. crude futures inched up towards
$70 a barrel on Thursday, paring losses from the previous day
when news of larger-than-expected increases in several U.S.
refined product inventories pressured crude oil prices.

FUNDAMENTALS

* NYMEX crude for November delivery CLc1 was up 33 cents at
$69.90 a barrel by 0000 GMT, after settling down $1.31 on
Wednesday when government data showed U.S. fuel stocks had
surged, signalling a recovery in oil demand could take more time.
[ID:nSYD351291]

* The Energy Information Administration reported gasoline
stocks had leapt 2.9 million barrels last week, nearly three
times the build that analysts had expected. [EIA/S]

Distillate stocks -- which include diesel and heating oil --
rose by 700,000 barrels to hit a 26-year high of 171.8 million
barrels, more than double forecasts for a rise of 300,000
barrels.

* Nigeria's main militant group late on Wednesday said it
would resume attacks against Africa's biggest oil and gas
industry once its three-month-old ceasefire expires at the end of
next week. [ID:nL7206834]

MARKETS NEWS

* The Standard & Poor's 500 and Nasdaq indexes edged up on
Wednesday with investors responding positively to early earnings
results as the quarterly reporting period got under way. [.N]

* The dollar was again on the defensive on Thursday, after
Alcoa Inc. (AA.N) posted a surprise profit and supported overall
bullishness about a global recovery. [FRX/]

* Gold struck an all-time high on Wednesday for the second
time in as many days as the dollar weakened further, taking
copper and crude oil up. [COM/WRAP]

DATA/EVENTS

* The following data is expected on Thursday:

- ICSC U.S. Chain Stores Sales for September

- Weekly U.S. Jobless Benefit Claims (1230 GMT)

- U.S. Wholesale Inventories for August (1400 GMT)

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PRICES
Oil prices as of 0000 GMT
Contract Mnth Price Change Day ago pct MA-20*
NYMEX Contracts
US Crude NOV9 $69.90 +0.33 -$1.31 -1.85% $69.80
Heat Oil NOV9 178.74 +0.63 -3.31 -1.82% 177.08
RBOB NOV9 172.45 +0.42 -5.24 -2.96% 174.30
Natgas NOV9 $4.910 +0.006 +$0.024 +0.49% $4.011
ICE Contracts
Brent NOV9 $67.40 +0.20 -$1.36 -1.98% $68.26
Gasoil OCT9 NA -$7.00 -1.23% $557.60
Note: U.S. heating oil and RBOB gasoline contracts listed in
cents per gallon.
* = 20-day moving average for continuation month.
(Reporting by James Topham; Editing by Chris Gallagher)