TOKYO, Nov 24 (Reuters) - U.S. crude futures edged higher above $81 a barrel on Wednesday after declining 0.6 percent a day earlier, with larger-than-expected falls in U.S. oil product stockpiles providing support to the market.
The rise came despite a stronger dollar amid tension on the Korean pennisula.
* NYMEX crude for January delivery CLc1 was up 20 cents at $81.45 a barrel by 0055 GMT, after settling down 49 cents at $81.25 a day earlier amid fears of an escalating euro zone crisis and after a North Korean attack on a South Korean island triggered a rally in the dollar.
* The American Petroleum Institute said gasoline stocks fell 499,000 barrels and distillate stocks fell 311,000 barrels, the API said. That compared with a Reuters poll for a 1.2 million barrel decline in distillate stockpiles and a 600,000 barrel drawdown in gasoline supplies. [EIA/S]
U.S. crude stocks have unexpectedly increased 5.2 million barrels on rising imports in the week to Nov. 19, industry group the API reported late on Tuesday, countering expectations for a 2.1 million barrel drawdown. [API/S]
* South Korea warned North Korea of "enormous retaliation" if it took more aggressive steps after Pyongyang fired scores of artillery shots at a South Korean island in one of the heaviest attacks on its neighbor since the Korean War ended in 1953. [ID:nL3E6MN0SQ]
* The U.S. Commerce Department revised its estimate of third-quarter U.S. growth in gross domestic product to a 2.5 percent annual rate from 2 percent to reflect stronger spending and exports than initially thought. [ID:nN2399302]
* OPEC is unlikely to change production quotas at its December meeting in Ecuador if oil prices remain at current levels, Qatari Energy Minister Abdullah al-Attiyah said. [ID:nLDE6AM0V6]
* A Sunoco Logistics SXL.N oil pipeline was shut near Huntsville, Texas, after a leak last weekend, a Texas Railroad Commission spokeswoman said Tuesday. [ID:nN23156144]
About 100 barrels of crude spilled from a 10-inch line about 20 miles south of Huntsville Saturday, and the operator reported shutting the line down, the spokeswoman said.
* U.S. stocks sank on Tuesday as investors dumped risky assets on escalating tensions in the Korean peninsula and as euro-zone debt worries mounted.
The Standard & Poor's 500 .SPX fell 17.11 points, or 1.43 percent, to 1,180.73.
* The euro languished at two month lows early in Asia on Wednesday, threatening to deepen its losses, while the euro zone debt crisis and heightened tensions in the Korean Pennisular helped underpin the dollar. [USD/]
* The following data is expected on Wednesday:
- 0900 Germany Ifo business climate Nov DEBUSS=ECI
- 0900 Germany Ifo current conditions Nov DEBUSC=ECI
- 0900 Germany Ifo expectations Nov DEBUSE=ECI
- 1200 U.S. Mortgage index Weekly USMGM=ECI
- 1330 U.S. Personal income mm Oct USGPY=ECI
- 1330 U.S. Initial Claims USJOB=ECI
- 1330 U.S. Durable goods Oct USDGR=ECI
- 1455 U.S. U Mich 1-yr inflation-F Nov USM1YR=ECI
- 1455 U.S. U.Mich conditions final Nov USMSNP=ECI
- 1455 U.S. U.Mich expectation final Nov USMSNE=ECI
- 1455 U.S. U.Mich sentiment final Nov USMSN=ECI
- 1400 U.S. FHFA home prices Sep
- 1500 U.S. New home sales chg mm Oct USHNSP=ECI
- 1500 U.S. New home sales-units mm Oct USHNS=ECI
- 1530 U.S. EIA weekly crude stocks Nov 19 USOILC=ECI
- 1530 U.S. EIA weekly dist. stocks Nov 19 USOILD=ECI
- 1530 U.S. EIA weekly gasoline stk Nov 19 USOILG=ECI
- 1600 U.S. KC Fed survey Nov USKCMF=ECI
- 2350 Japan Exports Oct JPEXPY=ECI
- :: U.S. Dallas Fed PCE Oct USDALL=ECI
- :: U.S. Build permits R chg mm Oct USBPRP=ECI
PRICES Oil prices as of 0055 GMT Contract Mnth Price Change Day ago pct MA-20* NYMEX Contracts US Crude JAN1 $81.45 +0.20 -$0.49 -0.60% $83.94 Heat Oil DEC0 224.87 -0.09 -1.90 -0.84% 232.07 RBOB DEC0 213.35 -0.07 -1.77 -0.82% 216.41 Natgas DEC0 $4.246 -0.018 -$0.007 -0.16% $3.951 ICE Contracts Brent JAN1 -- +0.00 -$0.71 -0.85% $85.74 Gasoil DEC0 -- +0.00 -$1.00 -0.14% $723.01 Note: U.S. heating oil and RBOB gasoline contracts listed in cents per gallon. * = 20-day moving average for continuation month. (Reporting by Osamu Tsukimori; Editing by Edwina Gibbs)