NYMEX-Crude ends up in late surge, products support

* EIA: crude stocks up, gasoline in surprise drawdown

* OPEC boosts forecast for 2010 global oil demand growth

* Coming up: Weekly jobless claims Thursday morning

NEW YORK, March 10 (Reuters) - U.S. crude oil futures
flipped higher in late trading on Wednesday, ending at an
eight-week high, after a slip to just below $81 a barrel
attracted fresh fund buying, analysts said.

Product futures showed the way back up, having trimmed
gains earlier on a broad energy markets profit-taking binge.

The Energy Information Administration's data for the week
to March 5 showed a 1.4 million barrel crude stock build, the
sixth rise in a row.

But the EIA data also showed a surprise drawdown of 2.9
million barrels for gasoline and a more-than-expected drop of
2.2 million barrels for distillates, which include heating oil
and diesel.

The decline in product inventories, gasoline in particular,
was supportive for crude, analysts said.

"The funds quickly glommed onto the gasoline stock draw,"
said Jim Ritterbusch, president of Ritterbusch & Associates in
Galena, Illinois.

A Reuters poll had forecast U.S. crude inventories up 1.9
million barrels, distillate supplies down 900,000 barrels and
gasoline supplies up 200,000 barrels. [EIA/S]

While a brief correction came as the market was technically
overbought, there was no serious follow-through to the downside
move around midday.

Front-month gasoline futures settled at the highest level
in almost 1-1/2 years and the top-month heating oil futures
ended, like crude futures, at an eight-week high.

Wall Street was up in late trading, lifted by bank and
technology shares on hopes the sectors may be poised for a
recovery as the U.S. economy improves. [.N]

The dollar slipped against the euro as risk appetite
improved with a rise in European and U.S. stocks, raising
demand for higher-yielding but risker currencies. [USD/]

PRICES

* On the New York Mercantile Exchange, April crude CLJO,
settled up 60 cents, or 0.74 percent, at $82.09 a barrel, the
highest close since Jan. 11's $82.52. It traded from $80.81 to
$83.03, the loftiest since Jan. 11's $83.95 high.

* In London, April Brent crude LCOJ0 settled up 57 cents,
or 0.71 percent, at $80.48 a barrel, the highest close since
Jan. 11's $80.97. It traded from $79.22 to $81.46, the
highest also since Jan. 11's high of $82.45.

* NYMEX April RBOB RBJ0 finished up 2.48 cents, or 1.1
percent, at $2.2851 a gallon, the highest front-month
settlement since $2.36 on Oct. 1, 2008. It traded from $2.2508
to $2.3134, the highest for front-month gasoline since a
$2.4010 intraday peak hit on Oct. 2, 2008.

* NYMEX April heating oil HOJ0 ended up 2.64 cents, or
1.26 percent, at $2.1162, a gallon, the highest close since
Jan. 12's $2.1318. It traded from $2.0786 to $2.1347, the
highest since intraday peak of $2.1753, also on Jan. 12.

* The April/April heating oil crack spread <0#CL-HO=R>
ended at $6.79, rising from $6.28 on Tuesday. The April/April
RBOB crack spread <0#RB-CL=R> ended at $13.88, up from $13.44
on Tuesday.

* The spread between the current front month and the
five-year forward crude contract CLc61 ended at $7.94,
narrowing from $8.68 on Tuesday. The April 2015 contract
settled on Wednesday at $90.03, down 14 cents, or 0.16 percent.

TECHNICALS

NYMEX crude 10-day/20-day moving average: $80.40/$70.00

Technical support/resistance:

NYMEX crude: $80.15/$83.95

NYMEX heating oil: $2.0540/$2.1255

NYMEX RBOB: $2.22/$2.30

For a full report on technicals, click on [ID:nLDE6291IX]

MARKET NEWS

* Total wholesale inventories slipped 0.2 percent, versus
expectations of an increase of 0.2 percent, while sales rose to
their highest level since October 2008. [ID:nN10228689]

* OPEC's monthly report said world demand will rise by
880,000 bpd in 2010, up from its previous forecast of 810,000
bpd. [ID:nLDE6291EF]

* OPEC ministers meet March 17 amid expectations they will
keep production steady.
(Reporting by Gene Ramos and Robert Gibbons; Editing by Walter
Bagley)