* China Feb crude imports rise 8.2 pct to 18.5 million
tonnes
* Saudis supply full April volumes to most Asian buyers
* U.S. crude stockpiles jump 6.5 mln bbl -API
* Coming up: EIA inventory report; 1530 GMT
(Recasts with inventory expectations, updates prices)
By Alejandro Barbajosa
SINGAPORE, March 10 (Reuters) - Oil fell towards $81 a
barrel on Wednesday in volatile trade as expectations for a
gain in U.S. crude stockpiles offset surging Chinese imports.
U.S. crude for April delivery <CLc1> fell 24 cents to
$81.25 by 0752 GMT. It had earlier risen to within $1 of
Monday's peak of $82.41, the highest level since prices jumped
to a 15-month high of $83.95 on Jan. 11. London ICE Brent for
April declined 21 cents to $79.70.
"The market has been strong on the belief that the economy
is slowly getting better, but it's probably gone too far," said
Tony Nunan, a risk manager with Tokyo-based Mitsubishi Corp.
U.S. crude inventories rose by 6.5 million barrels in the
week to March 5, against analysts' forecasts for an increase of
1.9 million barrels, the industry-funded American Petroleum
Institute (API) said on Tuesday. [ID:nN09101093]
More closely watched U.S. inventory statistics from the
government's Energy Information Administration (EIA) will be
published at 1530 GMT.
Top crude oil exporter Saudi Arabia will keep supply at
full contracted volumes in April to at least six of its Asian
term buyers, industry sources said on Wednesday, except for a
major buyer who will receive 10 percent less than nominated
volumes. [ID:nTOE62406V]
CHINA BUYS MORE
Prices earlier traded as high $81.63 after Chinese oil
imports data boosted evidence that emerging Asian economies
will lead global demand back into growth this year.
China imported 4.83 million barrels of crude per day in
February, the second-highest daily tally on record, the
country's General Administration of Customs said on Wednesday.
Fuel imports rose almost 14 percent, while fuel exports tumbled
almost 41 percent. [ID:nTOE62808W]
"It's a strong reading, particularly because February was a
short month and you had the Chinese New Year holiday," said
David Moore, commodities strategist at the Commonwealth Bank of
Australia in Sydney.
In Tuesday's U.S. inventory report, the API also said U.S.
gasoline stockpiles fell 3.2 million barrels, after the Reuters
poll of analysts forecast a gain of 200,000 barrels.
"The crude market seems to have been driven by gasoline on
the way up," Mitsubishi's Nunan said. "It's a seasonal thing;
as we go into spring, there is usually a gasoline-driven
rally."
Inventories of distillates -- which includes diesel and
heating oil -- showed a 2.8 million barrel draw, compared with
forecasts for a 900,000 barrel draw.
Oil demand declined in 2008 and 2009 during the biggest
recession of the post-war era.
(Editing by Clarence Fernandez)