UPDATE 8-Oil slides on U.S. inventory rise, Europe's weak data
* U.S. crude stocks rose more than expected last week - EIA
* China HSBC flash PMI improves, euro zone data poor
* Coming Up: U.S. jobless claims 8:30 p.m. EDT Thursday
(Recasts with updated prices, market activity; changes byline and dateline, pvs LONDON) NEW YORK, Oct 24 (Reuters) - Brent crude prices fell for a seventh consecutive session on Wednesday as rising U.S. crude inventories and weak euro zone economic data offset supportive signs that Chinese petroleum demand could stage a recovery. Crude oil stocks in the United States jumped 5.9 million barrels last week, the U.S. Energy Information Administration said in a weekly report, well above the increase of 1.9 million barrels in a Reuters survey of analysts. Gasoline stocks rose more than expected, total distillate stockpiles eased slightly less than the consensus forecast and demand for the products over the previous four weeks was below the year-ago period. ``The report is mostly bearish, with the large increase in crude oil inventories being the highlight of the report,'' said John Kilduff, partner at Again Capital LLC in New York. Oil prices pushed higher earlier on lift when a survey of purchasing managers showed China's economy is slowly picking up from its weakest period of growth in three years.
But while the HSBC Flash Manufacturing Purchasing Managers Index (PMI) hitting a three-month high of 49.1 in October was supportive for oil prices, the reading was still below the 50-point mark that separates expanding from shrinking business activity. Brent December crude fell $1.13 to $107.12 a barrel $107.50. Wednesday's $106.80 low was the lowest for front-month Brent since Sept. 20. The last time Brent fell seven straight sessions was in July 2010. Experiencing a fifth straight slide, U.S. crude was down $1.30 at $85.37 a barrel, having fallen to $84.94, the lowest since July 12.
WEAK DATA FROM EUROPE Poor economic data from Europe pulled oil prices off early peaks ahead of the U.S. oil inventory report. Markit's Composite Purchasing Managers' Index, which polls around 5,000 businesses across the 17-nation bloc and is viewed as a reliable growth indicator, fell to 45.8 this month, the lowest reading since June 2009. 1/8ID: nL5E8LO4JB 3/8 Manufacturing PMI in Germany, Europe's largest economy, fell unexpectedly and business sentiment dropped for the sixth consecutive month to its lowest in more than 2-1/2 years. ``Not only do these data points support the slowing economic scenario, but the PMI manufacturing index is an energy-sensitive index and directly translates to slower energy demand,'' said Dominick Chirichella of New York's Energy Management Institute.
(Additional reporting by Simon Falush and Alice Baghdjian in London and Manash Goswami and Florence Tan in Singapore; Editing