NEW YORK (Reuters) - Oil futures rose on Thursday, lifted by better-than-forecast economic data from the United States, worries about potential supply disruptions in the Gulf of Mexico due to Tropical Storm Ernesto and a lower outlook for North Sea Brent production.
Hopes for stimulus from major central banks to support economic growth continued to support oil prices, analysts said.
The advance followed a mixed turnout on Wednesday, when profit-taking ate into gains sparked by a bigger-than-expected drawdown in U.S. crude inventories. Brent rose on the day, while U.S. crude dipped by the close.
In London, Brent crude for September delivery was up 59 cents at $112.73 a barrel by 11:15 a.m. EDT (1515 GMT), after climbing to a session high of $113.02.
U.S. September crude gained 50 cents at $93.85 a barrel, off its early high of $94.21.
"The general mood is bullish -- any dip is still being used as a buying opportunity," said Carsten Fritsch, an energy analyst at Commerzbank in Frankfurt.
"Given the supply risk, with falling North Sea output and the closure of three oil ports in Mexico, all this should lend support to prices."
Some analysts said there was hesitancy to push prices much higher after the Organization of the Petroleum Exporting Countries (OPEC) gave a downbeat assessment of demand next year.
New claims for jobless benefits in the United States fell last week and a separate report showed that the trade deficit in June was the smallest in 1-1/2 years.
Those served as hopeful signs for the struggling U.S. economy and could help improve oil demand going forward, analysts said.
Worries about tighter North Sea output kept Brent supported, with production in September seen down 17 percent due to maintenance at the Buzzard oilfield and natural decline.
Tropical Storm Ernesto bore down on the coast of Mexico on Thursday, sending wind gusts and showers across the state of Veracruz, home to some of Mexico's busiest ports and oil installations.
Three major oil ports -- Coatzacoalcos, Cayo Arcas and Dos Bocas -- were closed on Wednesday ahead of the storm. Almost all of Mexico's crude oil exports, which totaled 1.425 million barrels per day in June, are shipped to refineries on the U.S. Gulf Coast from the three ports.
(Additional reporting by Claire Milhence and Simon Falush in London, Florence Tan in Singapore; Editing by Dale Hudson)
Source: http://news.yahoo.com/oil-112-75-supply-fears-stimulus-hopes-101950245--finance.html
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