UPDATE 1-Brent rises towards $111, China growth vow prompts buying
* China aims for 7.5 pct growth in 2013, same as 2012 target
* Rebound on bargain hunting, no change in outlook: analyst
* Coming Up: American Petroleum Institute crude inventory data at 2130 GMT
(Adds quotes, details)
SINGAPORE, March 5 (Reuters) - Brent crude futures rose towards $111 per barrel on Tuesday, bucking a five-day losing streak on bargain buying after China pledged to keep its economy growing at 7.5 percent.
Gains were modest as investors eyed a raft of medium-term concerns, including rising supplies, a fiscal crisis in the United States and the continuing crisis in the euro zone.
Front-month Brent crude futures rose 45 cents to $110.54 per barrel at 0536 GMT, while U.S. crude added 27 cents to $90.39.
Brent tested its 2013 low in the previous session, dropping as low as $109.58, the lowest since Jan. 17. U.S. crude hit its lowest since Dec. 26 at $89.33 per barrel.
"I would call this move in the oil markets as bargain hunting rather than any change in the outlook," said Ker Chung Yang, senior investment analyst at Phillip Futures in Singapore.
"But China is showing some signs of confidence which has resulted in the rebound today."
China will boost fiscal spending this year to deliver economic growth at 7.5 percent, outgoing premier Wen Jiabao said on Tuesday ahead of the country's annual parliamentary meetings.
The statement countered concerns about demand in the world's No. 2 oil market after purchasing manager surveys over the weekend suggested growth in China's key manufacturing and service sectors may be slowing.
China's factory growth as well as services growth slowed to multi-month lows, two purchasing manager indexes (PMI) showed, suggesting moderating growth in the economy. PMIs in Europe also showed problems are ongoing there.
In the United States, about $85 billion of automatic spending cuts that came into effect on Friday threw a cloud of uncertainty over growth prospects in the world's largest economy. The International Monetary Fund estimates that the cuts, if fully implemented, will shave 0.5 percentage points from the U.S. growth rate.
Markets are now awaiting the U.S. non-farm payrolls data due this week for further clues to the health of the U.S. economy and the futures of the Federal Reserve's monetary easing programme, analysts said.
"We expect the January Employment Report will be stronger than the December Employment Report, and that it will continue to support the notion of modest, continued improvements in the U.S. labor market," Jason Schenker, president of Prestige Economics, said in a report.
At the same time, oil supplies across the world are rising, with a survey last week showing that production from the Organization of the Petroleum Exporting Countries (OPEC) increased in February, for the first time in four months.
U.S. crude inventories may have climbed last week for a seventh straight week, according to a Reuters survey ahead of the release of weekly inventory data from the American Petroleum Institute later in the day.
Simmering tensions in the Middle East, especially between Israel and Iran over the latter's nuclear program as well as prolonged civil unrest in Syria and Egypt may underpin prices in the long run, traders said.
(Editing by Tom Hogue and Richard Pullin)