NYMEX-Crude edges up on API data, awaits EIA view

* Traders eye EIA data after API says crude stocks fell

* Federal Reserve meeting result awaited

NEW YORK, Aug 12 (Reuters) - U.S. crude oil futures rose on
Wednesday, supported by industry's inventory data that showed a
crude supplies fell last week and by the dollar's weakness.

The American Petroleum Institute's inventory report on
Tuesday showed a surprise drop in U.S. crude oil stockpiles,
down 1.4 million barrels in the week to Aug. 7, with gasoline
supplies down 2.3 million barrels, more than expected. [API/S]

Distillate inventories rose by 1.6 million barrels, API
said, against expectations for a decline.

A Reuters analyst survey on Tuesday forecast a
700,000-barrel increase in crude stocks, a 1.3-million barrel
drop in gasoline stocks and a 200,000-barrel decline in
distillates. [EIA/S]

The U.S. Energy Information Administration will release its
inventory report on Wednesday at 10:30 a.m. EDT (1430 GMT).

The dollar slipped from a 1-1/2 week high against the euro
and struggled against the yen as investors remained cautious
ahead of the Federal Reserve's policy statement due later on
Wednesday. [USD/]

Uncertainty about the Federal Reserve's view on the U.S.
economy and another sharp fall in Chinese stocks weighed on
global equities, although Europe managed mild gains.

"The complex is ... awaiting further direction from this
morning's weekly EIA report as well as the conclusion to the
ongoing (Federal Reserve) meeting," said Jim Ritterbusch,
president at Ritterbusch & Associates in Galena, Illinois.

PRICES

* On the New York Mercantile Exchange at 9:38 a.m EDT (1338
GMT), September crude CLU9 was up 60 cents, or 0.86 percent,
at $70.05 a barrel, trading from $68.84 to $70.08.

* In London, September Brent crude LCOU9 rose 6 cents, or
0.08 percent, to $72.52 a barrel, trading from $71.68 to
$72.58.

* NYMEX September RBOB RBU9 rose 0.82 cent, or 0.4
percent to $2.0504 a gallon, trading from $2.0261 to $2.0520.

* NYMEX September heating oil HOU9 was down only 0.62
cent, or 0.32 percent, to $1.9055 a gallon, trading from
$1.8820 to $1.9115.

* The September/September RBOB crack spread <0#RB-CL=R> was
at $16.08, after ending at $16.32 on Tuesday. The
September/September heating oil crack spread <0#CL-HO=R> was at
$10.06, after ending at $10.84 on Tuesday.

* The spread between the current front month and the
five-year forward crude contract CLc61 was at $16.26, based
on the September 2014 contract Tuesday settlement at $86.31.
The spread ended Tuesday at $16.86.

TECHNICALS

NYMEX crude 10-day/20-day moving average: $70.37/$67.88

Technical support/resistance:

NYMEX crude: $70.00/$73.38

NYMEX heating oil: $1.8800/$1.9738

NYMEX RBOB: $2.00/$2.1124

For a full report on technicals, click on [ID:nLC004132]

MARKET NEWS

* The U.S. trade deficit widened in June on the back of
higher oil prices. [ID:nN1287840]

* Evidence the recession bottoming out is patchy at best,
the International Energy Agency said. [ID:nLC583857]

* The volume of crude oil in floating storage fell and
product volumes rose in July, the IEA said. [ID:nLC608583]

* Gasoline cracks firmed a third-straight session to settle
near a four-month high on Wednesday, due to refinery outages in
Asia, the latest in Malaysia. [ID:nSP537948]
(Reporting by Robert Gibbons; Editing by Lisa Shumaker)