SINGAPORE Feb 12 U.S. crude oil futures climbed
above $100 per barrel on Wednesday, buoyed by data from the
American Petroleum Institute that showed crude stocks fell by
2.5 million barrels at a key U.S. delivery hub.
Expectations of increased demand due to cold weather in the
United States, especially for distillates, also offered support.
The U.S. Energy Information Administration will release its
weekly inventory report later today.
Oil markets had a muted reaction to U.S. Federal Reserve
Chair Janet Yellen's comments there would not be any abrupt
changes in the Fed's monetary policy, and it will continue to
reduce its stimulus.
* U.S. crude for March delivery rose 49 cents to
$100.43 by 0025 GMT after closing at $99.94 on Tuesday.
* March Brent crude, which rose 5 cents on Tuesday
to $108.68, had yet to start trading.
* U.S. crude inventories rose by 2.1 million barrels in the
week to Jan. 31 to 362.9 million, although this was lower than
analysts' expectations, data from industry group the American
Petroleum Institute showed on Tuesday. Crude stocks at the
Cushing, Oklahoma, delivery hub fell by 2.5 million
* The U.S. Energy Information Administration cut its 2014
crude oil production forecast by 100,000 barrels per day (bpd)
to 8.4 million bpd and by 100,000 bpd to 9.2 million bpd for
* World oil demand will rise to 1.26 million barrels per day
this year, the U.S. Energy Information Administration said on
Tuesday, 50,000 bpd higher than an earlier EIA forecast.
* The U.S. Federal Energy Regulatory Commission extended an
order for more propane supplies to the Northeast amid continuing
* President Barack Obama warned of tough action against
companies which violated sanctions against Iran on Tuesday even
as the U.S. and five other world powers are working with Tehran
on a deal over Iran's nuclear program.
* Asian shares rallied for a fourth straight session on
Wednesday as risk appetites were whetted by an optimistic
economic outlook from U.S. Federal Reserve Chair Janet Yellen,
which diminished the need for safe havens such as the yen and
* The following data is expected on Wednesday:
- 0200 GMT China trade data
- 0745 GMT France current account
- 1000 GMT Euro zone industrial production
- 1900 GMT U.S. federal budget
(Reporting By Keith Wallis; Editing by Richard Pullin)