* Brent, WTI rise 3 pct each, up 2nd day in row
* Polls show higher chance of Britain voting to remain in EU
* Genscape shows near 570,000 bbls draw at Cushing -traders
* Total U.S. crude stocks likely fell for 5th week -RTRS
poll
* Gasoline jumps 5 pct in anticipation of July 4 weekend
demand
(Adds Reuters poll on 5th weekly decline expected in U.S. crude
stocks)
By Barani Krishnan
NEW YORK, June 20 (Reuters) - Oil prices rose 3 percent on
Monday, settling higher for a second straight day, after polls
showing a lower likelihood of Britain leaving the European Union
while U.S. gasoline surged 5 percent in anticipation of peak
summer driving demand.
Data from market intelligence firm Genscape pointing to a
drawdown of 568,213 barrels at the Cushing, Oklahoma delivery
base for U.S. crude futures in the week to June 17 was also
supportive, said traders who saw the numbers.
A Reuters poll also showed total U.S. crude stockpiles
likely fell 1.9 million barrels last week, declining for a fifth
straight week. EIA/S
U.S. gasoline futures RBc1 jumped 5 percent, their most in
six weeks, as the rally in crude extended to refined oil
products. Traders cited speculative buying in gasoline ahead of
the July 4 Independence Day weekend when summer driving usually
hits a high in the United States.
"Demand has been very strong year-over-year for gasoline and
coupled with the peak driving season just ahead of us, we got a
strong bid today that should continue in the short term," said
Chris Jarvis, analyst at Caprock Risk Management in Frederick,
Maryland.
Crude futures rose after three opinion polls ahead of
Thursday's vote on Britain's future in the EU showed the
'Remain' camp recovering some momentum, although the overall
picture was of an evenly split electorate. Traders said
Britain's exit, or "Brexit," could cause economic turmoil to
Europe and beyond.
The British pound GBP= climbed 2.3 percent to $1.4685
against the dollar. A weaker dollar .DXY makes commodities
denominated in the greenback more attractive for other currency
holders. USD/
Brent crude futures' front-month contract, August LCOc1 ,
settled up $1.48, or 3 percent, at $50.65 a barrel. The contract
has risen 7 percent since Thursday's settlement, after falling
10 percent in six previous sessions.
U.S. crude's West Texas Intermediate (WTI) futures gained
$1.39, or 2.9 percent, at $49.37 a barrel for the July
front-month CLN6 . But the contract, which expires on Tuesday,
was barely traded, transacting a tenth of average daily volume.
Investors flocked instead to August WTI CLQ6 , the new
front-month from Wednesday, which settled up 3 percent at
$49.96.
Analysts said oil prices should stay firm as long as a
Brexit looked unlikely, although a strong rally may be difficult
absent fresh supply outages.
"We are not expecting sustained crude price strength back to
above the $50-51 area in either WTI or Brent as fundamentals
appear to be undergoing a very gradual shift back toward the
bearish side," said Jim Ritterbusch of Chicago-based oil markets
consultancy Ritterbusch & Associates.
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CHART: Brent oil to test resistance at $50.38 http://tmsnrt.rs/1UhU0MP
CHART: U.S. oil may temporarily end its rally around $48.82 http://tmsnrt.rs/1XyBIfY
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