* ECB's Draghi comments lend support
* Oil glut, sluggish economy keep outlook bleak
* Venezuela's call for OPEC meeting falls on deaf ears
* Iran output to rise to over 4 mln bpd this year -minister
* EIA data shows increase in crude stocks buildup
(New throughout, updates prices and market activity, adds EIA
data, details)
By Devika Krishna Kumar
NEW YORK, Jan 21 (Reuters) - Oil prices rebounded more than
$1 a barrel from 12-year lows on Thursday, heading for their
biggest daily gain this year as rallying financial markets gave
some bearish traders reason to take profits on record short
positions.
A recovery in European and U.S. stock markets spurred by
hope for easier monetary policy from Europe gave oil a lift.
Prices did not falter on U.S. data showing a
larger-than-expected rise in record high crude and gasoline
stockpiles. Instead, the report triggered buying among traders
who had feared the figures could be even worse.
Still, few traders expected a quick recovery from this
year's 20 percent slump, with oil under pressure from a
deepening supply glut and signs of economic weakness in China.
Brent LCOc1 futures for March delivery rose $1.63 to
$29.51 a barrel, a 5.9 percent gain, by 12:13PM EST (17:13 GMT).
U.S. crude CLc1 rose $1.54 to $29.89 per barrel, a 5.4 percent
gain.
But Brent has lost 26 percent of its value in January and is
on track for its biggest monthly fall since 2008.
Thursday's rally got going after European Central Bank
President Mario Draghi said it would be necessary to review the
Bank's monetary policy stance in March, fueling hopes for more
quantitative easing.
"The market, especially the equity markets, want stimulus
and need stimulus in order to keep the rally going," said Brian
LaRose, a technical analyst with United-ICAP.
"It's all about economic expectations here and the U.S.
equity markets are going to be in the driver's seat over the
near term."
Gains accelerated after the U.S. Energy Information
Administration (EIA) reported that nationwide crude stocks rose
by 4 million barrels, more than the forecast 2.8 million
barrels. Still, traders were encouraged that stockpiles at the
Cushing, Oklahoma, delivery hub rose by only 191,000 barrels,
which was less than some had feared.