UPDATE 7-Oil slips on U.S. inventory, production gains
* China trade data, central bank meetings results awaited
* Rise in U.S. crude, fuel stockpiles applies pressure to oil
* Coming up: U.S. jobless claims data 8:30 a.m. EST Thursday
(Recasts with updated prices, market activity; changes dateline, pvs LONDON)
NEW YORK, Jan 9 (Reuters) - Oil slipped on Wednesday as increasing U.S. production and rising crude oil and refined products inventories applied pressure.
Brent and U.S. crude futures saw choppy trading as investors remain cautious ahead of economic data from China, expected to confirm revived economic growth, and the results of this week's Bank of England and European Central Bank (ECB) meetings.
U.S. crude futures had losses limited by equities strength on Wall Street, with stocks supported after Alcoa Inc started the corporate earnings season reporting better-than-expected revenue and an encouraging outlook for 2013.
Also supporting U.S. crude were expectations that the upcoming expansion of Seaway pipeline carrying crude oil from the Midwest to the Gulf Coast will relieve the glut of crude supply in the Midwest.
"The view that the Seaway pipeline is going to change the market dynamic has drawn in speculators to keep U.S. crude bid," said John Kilduff, a partner at Again Capital LLC.
Brent February crude fell 48 cents to $111.46 a barrel by 12:48 p.m. EST (1748 GMT). Brent's $111.11 session low was only 2 cents under the 100-day moving average of $111.13.
U.S. February crude was down 22 cents at $92.93 a barrel, having traded from $92.68 to $93.65.
U.S. heating oil was down less than a half cent, while RBOB gasoline fell nearly 3 cents.
U.S. OIL STOCKS, PRODUCTION RISE
U.S. crude oil inventories rose 1.3 million barrels last week, slightly below expectations for a build of 1.5 million, the U.S. Energy Information Administration (EIA) said in its weekly report on Wednesday.
But gasoline stocks rose by 7.4 million barrels and distillate inventories increased 6.7 million barrels, the EIA said, much more than analysts expected.
"The products builds were whoppers, while the crude build was interesting because it wasn't as much as one might expect with the big rise in imports," said Phil Flynn, an analyst at Price Futures Group in Chicago.
The EIA's report also said U.S. crude production rose above 7 million barrels last week for the first time since 1993.
The EIA had said in a separate report on Tuesday that U.S. crude oil production will rise by the largest amount on record in 2013, and is set to soar 25 percent over two years.
The rapid increase underscores how improvements in horizontal drilling and hydraulic fracturing technology - commonly referred to as 'fracking' - have transformed the energy market in the last five years, allowing producers to tap shale oil from tight rock formations.
CHINA, EUROPE IN FOCUS
Helping mute oil price moves was investor caution ahead of Chinese trade data, more U.S. corporate earnings and the outcome of a European Central Bank policy meeting for insight on prospects for the world's largest economies.
China, the world's biggest energy consumer, will release its December trade figures on Thursday and fourth-quarter economic growth numbers on Jan. 18.
Reuters polls predict that the trade numbers may show marginal improvement in the economy, although weak U.S. and European demand may weigh on exports. Economic growth may have accelerated, ending seven quarters of weaker expansion.
The Bank of England and ECB policymakers begin two-day meetings on Wednesday and investors will be looking for hints that the ECB may lower interest rates in 2013 to pull the regional economy out of recession.
(Reporting by Robert Gibbons in New York, Simon Falush in London and Ramya Venugopal in Singapore; Editing by Andrew Hay)