NYMEX-U.S. crude futures edge up after loss on stock build
PERTH, Jan 10 (Reuters) - U.S. crude futures edged higher in early Asian trading on Thursday, after data showing a large build in U.S. gasoline inventories sent prices lower on Wednesday.
FUNDAMENTALS
* U.S. crude for February delivery rose 3 cents to $93.18 a barrel by 0103 GMT.
* Brent crude for February dipped 10 cents to $111.66 per barrel.
* A Reuters technical analysis on Thursday showed that U.S. oil still faces a resistance zone of $93.89-$94.17 per barrel, and may retrace to $91.52. Brent oil still has a bearish target of $110.50 per barrel, the analysis showed.
* U.S. Energy Information Administration data showed gasoline inventories rose 7.4 million barrels last week. That followed a build of nearly 30 million barrels in the final quarter of 2012. Stocks of crude and distillate fuels also rose.
* The EIA's weekly report also said U.S. crude production last week rose above 7 million barrels per day for the first time since 1993.
* The European Central Bank is expected to keep interest rates at a record low of 0.75 percent on Thursday, refraining from a cut as the euro zone economy shows some signs of stabilising and inflation still tops its target.
* All four big BRIC economies posted a rise in economic activity in the last quarter of 2012, with Chinese manufacturing returning to growth for the first time in 18 months, according to HSBC's emerging markets index (EMI).
MARKETS NEWS
* Asian shares steadied on Thursday following an overnight rise in global equities on early optimism about U.S. earnings, but investors remained cautious ahead of China's trade data and the European Central Bank meeting later in the day.
* The yen was on the defensive near a 2 1/2-year low on Thursday on expectations Bank of Japan policy will take a fresh and bold approach to boost inflation later this month.
DATA/EVENTS The following data is expected on Thursday: 0745 France Industrial output mm Nov 2012 1200 Britain BOE Bank Rate Jan 2013 1330 U.S. Jobless claims Weekly 1530 U.S. EIA natural gas stocks Weekly 2350 Japan Bank lending yy Dec 2012
(Reporting by Rebekah Kebede; Editing by Tom Hogue)