NYMEX-Crude ends up on economic data, weak dollar

NEW YORK, Sept 1 (Reuters) - U.S. crude oil futures rose
more than 2 percent on Wednesday, rebounding after two straight
lower settlements as strong manufacturing data from China and
the United States revived risk appetite and countered recent
concern about tepid oil demand.

The encouraging economic data and weaker dollar helped
offset the government's weekly inventory report that showed
U.S. crude oil stocks rose more than expected last week.

FUNDAMENTALS

* On the New York Mercantile Exchange, October crude CLV0
rose $1.99, or 2.77 percent, to settle at $73.91, trading from
$71.67 to $74.48.

* U.S. Energy Information Administration data showed crude
oil stockpiles rose 3.43 million barrels last week, more than
expected. [EIA/S] Gasoline stocks fell, in line with
expectations, and distillate stockpiles fell, against a
forecast for a rise, the EIA reported.

* The U.S. manufacturing sector grew faster than expected
in August but private employers unexpectedly cut jobs, showing
the economic recovery still faces head winds. [ID:nN01115648]

* 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]

* 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]

MARKETS NEWS

* The U.S. dollar fell against major currencies after
upbeat economic data soothed concerns about the health of the
global economy, boosting investors' appetite for riskier
assets. [USD/]

* U.S. stocks soared on the positive U.S. and Asian
economic data. [.N]

* Copper hit a four-month high on the firmer manufacturing
data from China and the United States. [MET/L]

UPCOMING DATA/EVENTS

* U.S. weekly jobless claims data at 8:30 a.m. EDT
Thursday

* U.S. factory orders, durable goods data at 10 a.m. EDT
Thursday

* U.S. July pending home sales data 10 a.m. EDT Thursday

* EIA reports natural gas storage data on Thursday at 10:30
a.m. EDT (1430 GMT).

* U.S. August nonfarm payrolls data on Friday.

SETTLE NET PCT LOW HIGH CURRENT DAY AGO

CHNG CHNG VOL VOL
CLc1 73.91 1.99 2.8% 71.67 74.48 370,972 469,412
CLc2 75.36 1.82 2.5% 73.31 75.85 171,801 180,764
LCOc1 76.35 1.71 2.3% 74.42 76.76 156,070 192,766
RBc1 1.8891 0.0317 1.7% 1.8450 1.9077 46,090 12,468
RBc2 1.8950 0.0347 1.9% 1.8580 1.9107 27,181 52,596
HOc1 2.0411 0.0494 2.5% 1.9895 2.058 57,468 12,399
HOc2 2.0632 0.0478 2.4% 2.0154 2.0785 19,000 72,666
TOTAL MARKET VOLUME OPEN INTEREST

CURRENT Aug 31 30D AVG Aug 31 NET CHNG
CRUDE 757,911 915,387 615,808 1,308,042 -43,663
RBOB 97,999 89,702 107,071 243,399 -749
HO 104,427 119,770 104,367 320,084 3,547
(Reporting by Robert Gibbons; editing by Jim Marshall)