* Global stock markets rise on Asia, Wall Street rally
* U.S. crude inventory down 5.5 mln bbls last week - EIA
* Outlook uncertain on supply glut and China fears
* Standard Chartered (LONDON:STAN) slashes crude price forecasts
(Repeats to additional subscribers)
By Lisa Barrington
LONDON, Aug 27 (Reuters) - Oil prices jumped more than 4.5
percent on Thursday after a rally in equity markets and an
unexpected fall in U.S. crude inventories, but worries over the
Chinese economy and a global oil glut kept the outlook
uncertain.
World stock markets rose as Chinese shares recovered on
hopes that government measures to stimulate the economy would
pay off, while the dollar strengthened as risk aversion eased.
ID:nL4N1112QJ
Oil markets moved up from six-and-a-half-year lows reached
earlier this week, but investors are still worried about huge
fuel oversupply, which is depressing oil for immediate delivery
and filling stockpiles worldwide.
"The trend is strong and down. However, do not be
wrong-footed by a correction higher," PVM Oil Associates
technical analyst Robin Bieber said. "Few markets head forever
in one direction with no respite."
Front-month Brent LCOc1 , the global oil benchmark, was up
$1.90 at $45.04 a barrel by 1100 GMT. U.S. crude CLc1 , also
known as West Texas Intermediate (WTI), was up $1.80 at $40.40 a
barrel.
Phillip Futures oil analyst Daniel Ang said he saw the rally
as a pause in a downward trend, rather than a longer-term shift
upwards.
"We would not underestimate the current bearish momentum and
still believe that it is possible to see prices break supports
of $38 and $45 for WTI and Brent," Ang said.
Standard Chartered cut its 2015 Brent forecast by $10 a
barrel to $54, and slashed its 2016 forecast by $20 to $63.
It sees macro factors such as a Chinese economic slowdown
offsetting improved market fundamentals.
The bank expects U.S. crude to average $48 in 2015 and $58
in 2016. ID:nL4N1123MN
Oil prices were supported by data on Wednesday showing U.S.
crude inventories USOILC=ECI fell 5.5 million barrels in the
week to Aug. 21, the biggest one-week decline since early June.
EIA/S
Analysts had expected an increase of 1 million barrels.
But some analysts said the inventory fall may be connected
to lower import figures for last week and may not mark the start
of a trend.
Many are bracing for a rise in stocks over the coming months
as refiners shut for seasonal work. ID:nL1N10P21N
"Without the sharp fall in imports, crude oil stocks would
have been rather flat last week," Commerzbank (XETRA:CBKG) oil analyst
Carsten Fritsch told the Reuters Global Oil Forum.
SEB commodities analyst Bjarne Schieldrop said the U.S.
stockpiles figures were not particularly bullish:
"The upturn is more due to broad-based sentiment rising,"
Schieldrop said. "I still expect Brent will break below $40."