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NYMEX-U.S. oil steadies, set for 8 pct annual rise

Monday, 30 Dec 2013 | 7:55 PM ET

SINGAPORE Dec 31 (Reuters) - U.S. crude oil futures edged higher on Tuesday, steadying after a fall in the previous session, as data showed that U.S. total fuel demand hit a 26-month high in October while a key Libyan oil export port remained shut.

U.S. crude is set for an annual gain of 8 percent in 2013, after falling about 7 per cent in 2012.

FUNDAMENTALS

* U.S. crude futures for February delivery gained 7 cents to edge up to $99.36 a barrel by 0034 GMT, against $99.29 on Monday.

* Oil futures fell by nearly $1 in the prior session partly on concerns about mounting local government debt in China, the world's second-largest oil consumer.

* Brent crude for February delivery had yet to start trade. Brent dropped 98 cents to $112.21 a barrel on Monday.

* U.S. demand for crude oil and refined petroleum products reached 19.3 million barrels per day in October, the highest level since August 2011, data from the Energy Information Administration showed.

* Libya's eastern oil port of Hariga remained shut on Monday with its oil storage tanks full despite official optimism it would reopen soon.

* U.S. biodiesel production totaled 132 million gallons in October, the highest level since at least January 2011, the U.S. Energy Information Administration said on Monday.

* European gasoline and gasoil prices in northwest Europe weakened on Monday after workers ended a two-week long strike at most of Total's French refineries easing supply concerns.

MARKETS NEWS

* With several Asian stock markets closed Tuesday, world stock markets rose to a six-year high on Monday on optimism about the global economy heading into 2014, while the euro strengthened against the dollar and yen.

DATA/EVENTS

* The following data is expected on Tuesday:

- 1245 GMT U.S. weekly ICSC chain stores sales

- 1400 GMT U.S. CaseShiller 20 mm nsa

- 1400 GMT U.S. CaseShiller 20 yy

- 1445 GMT U.S. Chicago PMI

- 1500 GMT U.S. consumer confidence

- 2130 GMT U.S. API weekly crude stocks

- 2130 GMT U.S. API weekly dist. stocks

- 2130 GMT U.S. API weekly gasoline stocks

(Reporting By Keith Wallis; Editing by Richard Pullin)