NYMEX-Crude bounces up on China data, weak dollar

NEW YORK, Sept 1 (Reuters) - U.S. crude oil futures prices rose on
Wednesday as healthy economic data from China and Australia, soaring Asian
auto sales and a weak dollar helped oil bounce after a more than 3 percent
slump in the previous session.

Strong equities also help spark oil's rise and the market shrugged off
data showing private employers cut jobs in August and an unexpected and
sharp rise in U.S. crude oil inventories that was in industry data released
on Tuesday.

Late on Tuesday, industry group the American Petroleum Institute's
inventory report showed crude stocks rose 4.8 million barrels in the week
to Aug. 27. [API/S]

The API said gasoline stocks slipped 589,000 barrel and distillate
inventories fell 1.9 million barrels.

Analysts in a Reuters survey ahead of the API report expected a 1.1
million-barrel gain in crude stocks. Gasoline stocks were seen down 200,000
barrels, with distillate stocks expected to be up 1.2 million barrels.
[EIA/S]

The U.S. Energy Information Administration's inventory report is set
for release at 10:30 a.m. EDT (1430 GMT) on Wednesday.

FUNDAMENTALS

* On the New York Mercantile Exchange, October crude CLV0 rose $1.16,
or 1.6 percent, to $73.08 a barrel by 9:13 a.m. EDT (1313 GMT). The trading
range was from $71.67 to $73.20.

* China's official purchasing managers' index (PMI) rose to 51.7 in
August from 51.2 in July, the China Federation of Logistics and Purchasing
(CFLP) said on Wednesday. The figure was slightly below the median
forecast. [ID:nBJB003928]

* Asian auto sales soared in August, while in Europe car sales fell as
scrapping bonuses ran out. [ID:nSGE6800C0]

* Australia's economy grew at the fastest pace in three years in the
second quarter as households spent far more than expected while exports
enjoyed an Asian-driven boom, reviving the risk of a further rise in
interest rates. [ID:nSGE67U0L3]

* U.S. private employers cut 10,000 jobs in August compared to a
revised lower gain of 37,000 in July, a report by payrolls processor ADP
Employer Services said. Expectations had been for a rise of 19,000 jobs.
[ID:nEAP103400]

* OPEC crude oil supply fell in August to the lowest since November
2009 as reduced supplies from Nigeria, the United Arab Emirates and Iraq
offset increased output in Angola, a Reuters survey showed on Wednesday.
[ID:nLDE680145]

* The U.S. National Hurricane Center was monitoring Hurricane Earl and
two other tropical storms in the Atlantic Ocean on Wednesday. Computer
models showed would avoid the oil-rich Gulf of Mexico. [ID:nN01253312]

MARKETS NEWS

* The dollar index .DXY, measuring the greenback against a basket of
currencies, was weaker as upbeat data from China and Australia boosted risk
appetite. The euro EUR= was stronger versus the dollar.

* Wall Street was set for a higher open as new signs of growth in China
and Australia eased concerns about the global economy's health and
investors shrugged off an unexpected cut in U.S. private sector payrolls.
[.N]

* World stocks started September on an upbeat note after data showed a
manufacturing rebound in China. [MKTS/GLOB]

* Gold rose above $1,250 an ounce for the first time since late June as
economic jitters gave it luster as a safe haven. [GOL/]

UPCOMING DATA/EVENTS

* Commerce Department releases July construction spending at 10 a.m.
EDT (1400 GMT). Economists in Reuters survey forecast a drop of 0.5 pct
following June's 0.1 pct increase.

* Institute for Supply Management releases August manufacturing index
at 10 a.m. EDT. Economists in Reuters survey predicted a reading of 53
versus 55.5 in July.

* EIA reports crude oil and petroleum product inventories. 10:30 a.m.
EDT.

* U.S. August nonfarm payrolls data on Friday.
9:13 LAST NET PCT LOW HIGH CURRENT DAY AGO

CHNG CHNG VOL VOL
CLc1 73.08 1.16 1.6% 71.67 73.15 76,909 260,666
CLc2 74.77 1.23 1.7% 73.31 74.83 32,753 116,289
LCOc1 76.01 1.37 1.8% 74.42 76.07 58,722 192,766
RBc1 1.8900 0.0326 1.8% 1.8450 1.8911 5,883 25,127
RBc2 1.8940 0.0337 1.8% 1.8580 1.8950 2,533 38,570
HOc1 2.0335 0.0418 2.1% 1.9895 2.0352 8,495 22,158
HOc2 2.0562 0.0408 2.0% 2.0154 2.0569 3,131 50,472
* NYMEX crude oil for October CLc1 rose $1.16 to $73.08 a barrel by 9:13
a.m. in volume of 76,924 lots.
(Reporting by Robert Gibbons; Editing by John Picinich)