By Grant Smith and Alexander Kwiatkowski Feb. 10 (Bloomberg) -- Oil traded little changed as OPEC boosted its forecast for demand for its oil while a U.S. industry report showed the country’s crude inventories at their highest since October. The Organization of Petroleum Exporting Countries, due to meet on March 17, bolstered its forecast for the “call-on- OPEC” crude in 2010 by 150,000 barrels a day, while cautioning that the recovery appears “uncertain.” The American Petroleum Institute said crude inventories rose to the most since October and gasoline supplies reached the highest level since March 1999. “Oil’s still the investment of choice; with the risk of inflation, people invest in commodities,” Johannes Benigni, chief executive officer of JBC Energy GmbH in Vienna. “There’s not much chance for OPEC to do much. As long as oil is $70 or higher, a production cut is going to be difficult to sell.” Crude oil for March delivery was 14 cents higher at $73.89 a barrel in electronic trading on the New York Mercantile Exchange at 11:52 a.m. in London. It earlier dropped as much as 57 cents, or 0.8 percent, to $73.18 a barrel in electronic trading on the New York Mercantile Exchange. Yesterday, the contract rose 2.6 percent, the most in a week. Futures have lost more than 7 percent this year. U.S. crude stockpiles gained 7.2 million barrels to 337.6 million in the week to Feb. 5, according to the API. Gasoline supplies rebounded 1.6 million barrels to 228.8 million. An Energy Department report due Feb. 12 may also show stockpiles grew, according to a Bloomberg survey of analysts. Winter Storms “There is plenty of oil out there,” said Peter McGuire, a managing director at CWA Global Markets Pty in Sydney. “There is no shortage of supply, and demand is relatively weak.” The Energy Department’s weekly report may show U.S. crude inventories rising by 1.5 million barrels and gasoline by 300,000 barrels, based on the median of analysts’ estimates. The Washington-based department will delay its report by two days because of severe winter weather. A new storm, which follows a weekend blizzard that shut the federal government, may drop as much as 20 inches (51 centimeters) of snow on the East Coast. It will be accompanied by winds gusting from 35 to 55 miles (56 to 88 kilometers) per hour, forecasters said. Oil rose yesterday after the dollar fell the most since November against the euro on speculation the European Union will consider a bailout of Greece. The country is facing a debt crisis that has roiled bond markets in the euro region’s southern fringe and caused a slump in global equities. Saudi Arabian Oil Co., the largest oil exporter, will supply full volumes of crude to Asian refiners in March. The company, known as Saudi Aramco, will ship all cargoes pledged under long-term contracts, according to refinery officials in China, Japan, South Korea and Taiwan. Brent crude oil for March settlement was at $72.06, down 7 cents, at 11:51 a.m. on the London-based ICE Futures Europe exchange, after falling as much as 64 cents, or 0.9 percent, to $71.49 a barrel. Yesterday, the contract rose 2.9 percent, the most in five days, to end the session at $72.13. To contact the reporters on this story: Alexander Kwiatkowski in London at akwiatkowsk2@bloomberg.net; Grant Smith in London at gsmith52@bloomberg.net

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