Oil drifts below $69 ahead of US data

LONDON, Apr 12 (Reuters) Oil drifted below on Wednesday ahead of US data that could trigger a new test of the record high if the world's top fuel consumer reports another sharp drop in gasoline stocks.

Underpinning the market, the International Energy Agency said in its monthly report hard-pressed OPEC would have to pump more crude oil to fill a gap from Russia and other suppliers.

Most OPEC members are already producing close to the limit and the group has missed its 28 million barrels per day output target every month this year, mainly because rebels have shut a quarter of Nigeria's output. The IEA pitched 2006 OPEC demand even higher -- at 29.4 million bpd.

At 1245 GMT US crude was down 10 cents at .85 and London Brent crude was down 12 cents at .25.

Analysts said US fuel data at 1430 GMT could push US crude back towards its .85 a barrel record if gasoline stocks drop more than an anticipated 2.4 million barrels.

''The market has consolidated for the last day and a half. If the gasoline draws are larger than expected, we'll be off to the races again,'' said Mike Wittner of investment bank Calyon.

The market is also sensitive to every headline about OPEC member Iran's nuclear programme. The world's fourth biggest oil exporter is steering a collision course with the United Nations.

The European Union and Russia added their voices to U.S.

condemnation of Iran's announcement on Tuesday that it had enriched uranium for the first time.

''The ongoing Nigerian output losses and continued concern over Iran are unlikely to be resolved in the near future,'' the IEA said in its monthly report.

''For now, actual and potential supply disruptions and falling US product stock levels are driving the oil price rally.'' FORWARD STRENGTH Oil is riding a rally that has seen it jump about a barrel since the start of 2002, with investors driving commodities towards record highs and the global economy and growing demand so far proving resilient to soaring fuel costs.

''It's US gasoline, its Nigeria, it's the financial flows and Iran is there in the background. Do I think we're going to hit at some point? Easily,'' Calyon's Wittner said.

The price of US crude for delivery later this year has already powered well beyond the psychological barrier.

''We've moved beyond and above the levels where fundamentals count as much as what happens in Iran or Nigeria,'' said Andrew Harrington, resources analyst at ANZ.

The loss of gasoline-rich Nigerian oil coincides with the run-up to the peak summer driving season in the United States.

Crude oil imports into the world's second biggest consumer China rose 11 percent in March, helping first-quarter imports to grow 25 percent from the previous year, customs data showed.

The figures raised the possibility of a Chinese demand resurgence after last year's tepid 3.2 percent demand growth.

REUTERS SBJ HS2113