NYMEX-US crude edges up towards $95 after gasoline stocks fall

SINGAPORE, Nov 7 (Reuters) - U.S. crude futures edged up for a second session on Thursday after a bigger than forecast drop in gasoline inventories calmed concerns over rising supplies in the world's top oil consumer.

FUNDAMENTALS

* U.S. crude for December delivery was up 11 cents at $94.91 a barrel by 0029 GMT, adding to Wednesday's gain of more than a dollar. The contract touched an intraday low of $93.07 on Tuesday, its cheapest since June 24.

* U.S. gasoline inventories dropped by 3.8 million barrels last week, much larger than the 300,000-barrel draw analysts had expected, according to data from the U.S. Energy Information Administration. Four-week average gasoline demand stood at 9.1 million barrels-per-day last week, its highest level since the end of the summer driving season.

* U.S. crude oil inventories rose 1.6 million barrels, as forecast, to 385 million barrels in the week ending Nov. 1, the largest seven-week build since May 2012

* U.S. GDP data is due later in the day and economists in a Reuters poll expect annual growth to have slowed to 2.0 percent in the third quarter from 2.5 percent in the second quarter. Any slower number could boost hopes the Federal Reservve will keep its monetary stimulus running and potentially lift commodities.

* Four NYMEX traders have alleged that the North Sea Brent crude oil market has been manipulated by oil majors and trading houses since at least 2002, in a class action they brought in the wake of a wide ranging European Commission inquiry.

* CME Group Inc plans to announce new specifications and tests for West Texas Intermediate crude backing its benchmark oil futures contract early next year, and implement the new specs by the end of 2014.

MARKETS NEWS

* Asian stocks got off to a sluggish start as investors hunkered down to take the latest pulse on the U.S. economy and implications for the Federal Reserve's easy money policy, while the euro perked up ahead of the European Central Bank meeting.

DATA/EVENTS (GMT)

1100 Germany Industrial output

1200 Bank of England policy decision

1245 European Central Bank policy decision

1330 ECB President Mario Draghi gives news conference

after interest rate decision

1330 U.S. Advance Q3 GDP

1330 U.S. Weekly jobless claims

2000 U.S. Consumer credit

(Reporting by Manolo Serapio Jr.; Editing by Richard Pullin)

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