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NYMEX-U.S. crude edges up, on course for first weekly gain in 3 weeks

Thursday, 16 Jan 2014 | 7:26 PM ET

TOKYO, Jan 17 (Reuters) - U.S. crude oil inched up early on Friday to put the contract on track for its first weekly gain in three weeks, after gaining support from a deeper-than-expected draw in U.S. stockpiles and mixed U.S. economic data.

FUNDAMENTALS

* U.S. crude for February delivery was up 12 cents at $94.08 a barrel by 0009 GMT, putting the contract on course for a weekly gain of 1.5 percent.

Crude oil futures finished 21 cents lower on Thursday.

* OPEC has lowered its oil output further and is pumping less than this year's global demand for its crude, the exporter group said on Thursday, underlining the toll that outages in Libya and elsewhere are taking on production.

* TransCanada Corp's Oklahoma-to-Texas Gulf Coast crude oil pipeline will begin commercial service next week at just over 300,000 barrels per day, less than half of its design capacity, two sources familiar with its operations said on Thursday.

MARKETS NEWS

* The U.S. dollar faded a little on Friday after two days of gains, as a run of mixed U.S. economic data left the market uncertain about its future direction.

* The Dow and S&P 500 slipped on Thursday, with the S&P retreating from the previous session's record high, after earnings from Goldman Sachs and other banks disappointed investors.

* The 19-commodity Thomson Reuters/CoreCommodity CRB index edged up 0.2 percent on Thursday, after gains by 13 of the 19 commodities it tracks, including cotton, natural gas and raw sugar.

DATA/EVENTS

* The following data is expected on Friday: (Time in GMT)

0500 Japan Consumer confidence

1330 U.S. Housing starts

1330 U.S. Building permits

1415 U.S. Industrial output

1455 U.S. Univ of Michigan sentiment index

(Reporting by James Topham; Editing by Michael Perry)