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NYMEX-U.S. crude rises near $103 on inventory drawdown

SINGAPORE, June 4 (Reuters) - U.S. crude futures nudged up near $103 a barrel on Wednesday after industry data showed a bigger-than-expected fall in crude stockpiles in the United States.

Crude inventories fell 1.4 million barrels in the week to May 30 to 382.5 million barrels, data from industry group the American Petroleum Institute showed, compared with analysts' expectations for a decrease of 300,000 barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell 300,000 barrels, the API said.

FUNDAMENTALS

* U.S. crude for July delivery gained 19 cents to $102.85 a barrel by 0004 GMT.

* July Brent crude was at $108.90 a barrel, up 8 cents.

* Libya's eastern Hariga oil port remained closed on Tuesday as protesting security guards have not been paid, state-oil firm AGOCO said.

* Caught between soaring crude prices and collapsing diesel profits, European oil refiners are slashing operating rates by nearly one quarter ahead of the peak summer period.

* Russian and Ukrainian energy companies tried again on Tuesday to settle a dispute over unpaid gas bills that is threatening supplies to Europe and stoking a political conflict setting Moscow against Kiev and the West.

* Lloyds Bank, part-owned by the British government, has withdrawn from a $1.5-$2 billion trade finance deal involving oil major Rosneft, in a development highlighting the growing unease among Western banks in funding Russian deals.

* European Union authorities have asked Bulgaria to suspend work on Gazprom's South Stream gas pipeline on the grounds that the project breaks EU law, a step that threatens to inflame tensions between Russia and the 28-country bloc.

MARKETS NEWS

* The euro clung onto modest overnight gains early on Wednesday, having been squeezed higher in what some traders described as a 'buy-the-rumour-sell-the-fact' move in the wake of subdued euro zone inflation data.

DATA/EVENTS

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

0750 France Markit services PMI May

0755 Germany Markit services PMI May

0800 Euro zone Markit services PMI May

0900 Euro zone Revised Q1 GDP

0900 Euro zone Producer prices April

1030 EIA weekly oil stocks

1215 U.S. ADP national employment May

1230 U.S. International trade April

1345 U.S. Markit services PMI May

1400 U.S. ISM non-manufacturing PMI May

(Reporting by Florence Tan; Editing by Richard Pullin)