Crude rises to $102 after selloff on rising inventories

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Prices were supported by ongoing concerns over supply disruptions from the North Sea and the Middle East and fresh signs of a recovery in the U.S. economy.

The market will be eyeing a key jobs report out of the United States on Friday for further evidence of the recovery at the world's top oil consumer.

FUNDAMENTALS

NYMEX crude for May delivery slipped 2 cents to $103.99 a barrel by 9.08 a.m. EDT, after settling down $1.22 at $104.01 in the previous session.

London Brent crude for May delivery fell 5 cents to $124.81 a barrel, after settling down 57 cents at $124.86.

A surge in imports following fog-related delays in key Texas oil-shipping channels in March pushed crude inventories up more than 16 million barrels in the two weeks to March 30, the biggest two-week increase since March 2001, data from the Energy Information Administration showed. <EIA/S>

Japanese refiners will cut Iranian crude imports yet again in April as they shy away from renewing annual contracts, showing continued commitment to U.S.-led sanctions over Tehran's nuclear program.

U.S. businesses added 209,000 jobs in March, according to the ADP National Employment Report.

"economy.The market will be eyeing a key jobs report out of the United States on Friday for further evidence of the recovery at the world's top oil consumer.FUNDAMENTALSNYMEX crude for May delivery slipped 2 cents to $103.99 a barrel by 9.08 a.m"The report by the payrolls processor was slightly above economists' expectations for a gain of 200,000 jobs.

The U.S. March nonfarm payrolls report from the U.S. Labor Department due on Friday is expected to show a gain of 203,000 jobs, including a rise in private payrolls of 218,000.

Exxon Mobil Corp's (XOM.N) 344,500 barrels per day (bpd) Beaumont, Texas, refinery began a planned overhaul on Sunday on Crude Distillation Unit B, a coking unit, and other associated units, a company spokeswoman said.

MARKETS NEWS

Asian shares fell on Thursday after a weak Spanish bond sale heightened concerns about funding difficulties by lower-rated euro zone countries, further undermining sentiment hurt by fading expectations for more stimulus from the U.S. Federal Reserve. <MKTS/GLOB>

The euro floundered at three-week lows versus the yen and dollar on Thursday, while commodity currencies also nursed heavy losses after a poor Spanish bond auction reignited worries about the euro zone debt crisis.

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DATA/EVENTS

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

- 3.58 a.m. Euro zone March Markit Services PMI

- 10.30 a.m. U.S. weekly EIA petroleum status report

(Reporting by Francis Kan; Editing by Sugita Katyal)

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