ICE Brent falls towards $77, stuck in tight range

LONDON, Nov 12 (Reuters) - ICE Brent crude eased towards $77
a barrel on Thursday, entrenched within a tight range between
$75 and $80, technical analysts said.

"The market is very much stuck in a rut for now. We ranged
between $77.07 and $78.62 yesterday, with choppy price action
all day," said Clive Lambert at FutureTechs in a research note.

"We would still favour that a breakout of the 75 to 80 bucks
range will come to the upside, so we'd continue to favour
playing this range to the long side, buying dips to support."

BRENT PRICES

* December Brent was down 90 cents at $77.05 a barrel by 1231
GMT.

* The December/January Brent spread was 77 cents, steady
from Wednesday.

* December Brent traded at a discount of $1.21 per barrel
from December U.S. crude CLc1, tightening from $1.42 per
barrel on Wednesday.

GAS OIL PRICES

* November gas oil LGOc1 was down $4.75 at $620.00 a
tonne.

* The November/December gas oil spread was minus $7.50 a
tonne.

TECHNICALS

* Brent support seen at $75.22, resistance at $79.45.

* Gas oil support seen at $623, resistance at $652.50.

OTHER MARKETS

* European shares were flat on Thursday afternoon. See
FTSEurofirst 300 .FTEU3 index.

* The dollar recovered against a basket of currencies on
Thursday. [USD/]

FUNDAMENTALS

* The world will use more fuel in the fourth quarter of
2009, marking the first time global oil demand has risen since
the second quarter of 2008, the International Energy Agency said
on Thursday. [IEA/M]

* China's offshore oil and gas specialist CNOOC Ltd
(0883.HK) has shut down operations at the BZ25-1 south oilfields
from Nov. 10, affected by strong winds in the Bohai Bay area,
the company said on Thursday. [ID:nPEK20538]

* World oil demand could rise by 1 million to 1.5 million
barrels per day from 2010 as the global economy recovers, the
head of Saudi Arabia's state oil company told the Financial
Times, but added that there was no need for the country to add
capacity. [ID:nSP501246]

DATA/EVENTS

* International Energy Agency to publish its monthly oil
market report

* Weekly U.S. jobless claims - 1330 GMT

* Energy Information Administration issues weekly petroleum
stocks and output data - 1600 GMT

* U.S. Federal budget for October - 1900 GMT

* Japan Oct corp goods prices - 2350 GMT
(Reporting by Joe Brock; editing by Keiron Henderson)