* U.S. crude stocks rose, products fell last week-EIA
* Bailout payment to Greece eases euro zone concerns
* Coming up: U.S. jobless claims 8:30 a.m. EDT Thursday
NEW YORK, May 9 (Reuters) - U.S. crude futures edged down on
Wednesday in choppy trading on the way to a sixth straight lower
close, ending well above its intraday low as falling fuel stocks
and technical support at the 200-day moving average countered
pressure from rising crude oil stockpiles.
U.S. crude oil inventories rose 3.65 million barrels last
week, the Energy Information Administration said in its weekly
report, more than analyst expectations.
But the inventory boost in the EIA data was much less than
rise of 7.8 million barrels reported by the American Petroleum
Institute on Tuesday.
Gasoline stocks fell 2.61 million barrels and distillate
stocks fell 3.25 million barrels and crude stocks at Cushing,
Oklahoma, added another 1.6 million barrels, the EIA said.
Crude stocks were expected to have risen 2 million barrels,
with gasoline seen down 100,000 barrels and distillate stocks
were expected to be up 100,000 barrels.
Supportive to crude futures was a decision by the board of
the European Financial Stability Facility on Wednesday to make a
payment of 5.2 billion euros in emergency aid to Greece,
overcoming opposition from some euro zone member states.
The post-election turmoil in Greece, with politicians still
unable to form a coalition government on Wednesday, and France's
choice of a new president, had roiled markets and pressured
crude prices this week.
U.S. crude slipped below its 200-day moving average of
$96.29 intraday , but recovered to settle well above that level.
FUNDAMENTALS
* On the New York Mercantile Exchange, June crude
fell 20 cents, or 0.21 percent, to settle at $96.81 a
barrel, having traded from $95.17 to $97.39.
* Saudi Oil Minister Ali al-Naimi said there is a surplus of
oil in the market. "There is a surplus oil in the market. There
is surplus supply," he said in brief comments to reporters.
* Iran has authorized private Iranian exporters to sell up
to 20 percent of its crude exports in a move intended to help
skirt international sanctions, the head of the traders' union
said.
* Greece moved closer to a second snap election when the
head of the biggest party launched a new attack on leftist
Alexis Tsipras, saying his plans for a new government would push
the country out of the euro zone.
* China will cut gasoline and diesel prices by about 3
percent from Thursday in response to declines in crude oil
prices, although the moderate cut is expected to be unlikely to
be sufficient to stimulate demand much.
MARKETS NEWS
* U.S. stocks fell for the fifth day in six as investors
kept Europe's recent turmoil in focus, but news that Greece will
get its latest bailout payment helped cut losses late in the
session.
* Copper fell to its lowest level in three weeks, sinking
below $8,000 per tonne in London intraday, as political turmoil
in Greece heightened fears about Europe's deepening debt crisis
and its impact on demand for raw materials.
* The euro dropped against the dollar to a 3-1/2-month low,
falling for the eighth straight session on concerns that
political turmoil in Greece threatens its rescue deal and as
fears rise about the risks posed by Spain's banks.
UPCOMING DATA/EVENTS
* U.S. jobless claims data due at 8:30 a.m. EDT (1230 GMT)
on Thursday.
* U.S. Energy Information Administration weekly natural gas
storage data due at 10:30 a.m. EDT (1430 GMT) on Thursday.
* U.S. Commodities Futures Trading Commission positions data
at 3:30 p.m. EDT (1930 GMT) on Friday.
SETTLE NET PCT LOW HIGH CURRENT DAY AGO
CHNG CHNG VOL VOL
CLc1 96.81 -0.20 -0.2% 95.17 97.39 306,936 333,767
CLc2 97.15 -0.22 -0.2% 95.53 97.74 90,220 105,972
LCOc1 113.20 0.47 0.4% 111.31 113.27 229,499 252,428
RBc1 3.0241 0.0297 1.0% 2.9740 3.0258 69,862 61,651
RBc2 2.9570 0.0176 0.6% 2.9135 2.9590 60,265 37,930
HOc1 2.9991 0.0090 0.3% 2.9578 3.0006 51,941 64,631
HOc2 3.0015 0.0086 0.3% 2.9603 3.0028 24,595 28,485
TOTAL MARKET VOLUME OPEN INTEREST
CURRENT May 08 30D AVG May 08 NET CHNG
CRUDE 616,937 661,078 555,053 1,590,926 10,097
RBOB 210,552 146,224 179,279 313,370 -439
HO 127,584 147,398 137,261 307,279 -3,898
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