* U.S. crude stocks up 4.7 mln barrels - EIA
* Obama administration has votes to secure Iran nuclear
agreement
* Shell (LONDON:RDSa) lifts force majeure on Nigerian Bonny Light exports
(Rewrites throughout, updates prices, changes byline, moves
dateline from previous LONDON)
By Robert Gibbons
NEW YORK, Sept 2 (Reuters) - Oil prices fell a second day on
Wednesday after government data showing U.S. crude stockpiles
rose last week added to concerns about global oversupply and
sluggish economic growth in China.
After a frenzied short-covering fueled a 25 percent
three-session surge that ended on Monday, the two sessions of
losses have extended the turbulent run that saw oil slide to
6-1/2-year lows last week.
U.S. crude oil stocks rose 4.7 million barrels to 455.4
million barrels last week, the Energy Information Administration
(EIA) said. EIA/S
"While there is some seasonality to crude beginning to build
at this time of the year, a four-plus-million-barrel build is
bearish and larger than normal," said Scott Shelton, commodities
specialist with ICAP (LONDON:IAP) in Durham, North Carolina.
Analysts in a Reuters poll had expected U.S. crude stocks to
have remained flat last week and the EIA report followed
Tuesday's report from American Petroleum Institute (API) showing
crude stocks rose 7.6 million barrels to 456.9 million. API/S
Brent October crude LCOc1 was down $1.60 at $47.96 a
barrel at 12:19 p.m. EDT (1619 GMT), having swung from $47.74 to
$50.79.
U.S. October crude CLc1 was down $1.95 at $43.46, having
traded as low as $43.21 after reaching $46.32.
Crude futures extended losses on news that Shell's RSDa.L
Nigerian unit has lifted force majeure on Bonny Light exports
following the repair and re-opening of the Trans Niger Pipeline
(TNP) and Nembe Creek Trunkline (NCTL). ID:nWNAB086KS
Also adding pressure was news that President Barack Obama
has the backing of enough Senate votes to sustain a veto of any
congressional resolution blocking Iran's agreement on its
nuclear program with world powers. ID:nL1N1180ZN
Implementing the agreement will allow a sharp increase
Iran's oil exports now curbed by sanctions. ID:nL1N1180ZN
Crude oil received some support ahead of the EIA report from
strong U.S. RBOB gasoline futures RBc1 , supported by news that
a reformer unit at Philadelphia Energy Solutions' PESC.N
Philadelphia refinery complex was shut on Tuesday due to small
fire, although it was being restarted on Wednesday.
ID:nWNAB086C6
EIA data showed gasoline inventories fell 271,000 barrels,
much less than the 1.3 million-barrel slide expected by
analysts.
"The report is mixed in that it is bearish for crude oil,
but somewhat supportive of refined products," John Kilduff,
partner at Again Capital LLC in New York, said.
"Crude oil imports rebounded markedly and refinery
utilization fell again, allowing for the substantial crude oil
inventory rise," he said.
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BREAKINGVIEWS-Why oil investors are so behind the curve
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