UPDATE 7-As U.S. crude oil rises, Brent's premium to WTI steady
* Investors await Fed statement for signals on stimulus plan
* U.S. GDP growth, private sector hiring beat forecasts
* Crude stocks at Cushing fall for 5th straight week: EIA
(Recasts and adds details; changes byline and dateline, previous LONDON)
NEW YORK, July 31 (Reuters) - The premium of Brent crude oil to U.S. crude oil futures remained steady on Wednesday, while U.S. oil prices rose on positive economic data and Brent was mostly flat as traders weighed supply dynamics.
Positive U.S. economic data offset a government report that showed stockpiles of crude oil had risen against expectations for a draw. Crude oil supplies at the Cushing, Oklahoma, delivery point fell for a fifth straight week to the lowest level since April 2012, data from the U.S. Energy Information Administration showed.
The build should have been bearish for the crude oil market but prices remained supported by "the positive GDP number, which implies a certain degree of future demand," said Bob Yawger, director of futures at Mizuho Securities USA.
Front-month Brent crude oil futures were trading 13 cents higher at $107.04 per barrel at 11:47 a.m. EDT (1547 GMT), on track for their biggest monthly gain since August 2012.
U.S. crude oil futures were last trading $1.20 per barrel higher at $104.28, headed for a 9 percent monthly rise, the biggest in 11 months.
The front-month premium of Brent over U.S. crude oil <CL-LCO1=R> was trading at $2.74 per barrel. The next month <CL-LCO2=R> was also trading around the same at $2.73.
The market is waiting on the U.S. Federal Reserve to release a statement at 2 p.m. EDT (1800 GMT) following a two-day policy meeting, which is expected to provide more clues on eventual plans to roll back its monetary stimulus.
Data showed U.S. economic growth unexpectedly accelerated in the second quarter and private sector hiring was higher than forecast in July, which could lead the Fed a step closer to cutting back stimulus.
Brent crude oil prices were set to post their biggest monthly rise in close to a year, boosted by gains earlier in July as political tensions in the Middle East kept alive concerns about oil supplies out of that region, which pumps a third of the world's oil.
Oil outages in Iraq, South Sudan, Libya and Iran have combined to help keep Brent crude oil prices well above $100 a barrel this month, partly countering the rise in U.S. shale oil supply and worries about Chinese demand.
But on Wednesday the market viewed global oil supplies as less of a concern as Sudan said it may not be forced to block vital crude exports from South Sudan after recent "good steps" made to end a row over alleged rebel support.
Pumping of crude oil resumed through the Kirkuk-Ceyhan pipeline last night after repairs were completed following a bomb attack over the weekend.
Investors were also awaiting manufacturing data later this week from China, which could highlight weakness in the world's No. 2 oil consumer.
(Editing by David Evans, Jane Baird and Chris Reese)