By Margot Habiby Feb. 10 (Bloomberg) -- Crude oil fluctuated as OPEC raised its forecast for demand while an industry report showed U.S. crude inventories at their highest level since October. The Organization of Petroleum Exporting Countries, due to meet on March 17, boosted its forecast for the amount of crude its members must supply in 2010 by 150,000 barrels a day, while cautioning that the economic recovery appears “uncertain.” The American Petroleum Institute said crude inventories rose to the most since October. “Demand estimates are being revised upward,” said Brad Samples, a commodity analyst for Summit Energy Inc. in Louisville, Kentucky. “The market anticipated that long, long ago. So now the market is moving more in line with reality and the forecasters are moving upward to meet reality.” Crude oil for March delivery dropped 4 cents to $73.71 a barrel at 9:14 a.m. on the New York Mercantile Exchange. Futures have traded within a $1.12 range today. U.S. crude stockpiles gained 7.2 million barrels to 337.6 million in the week ended Feb. 5, according to the Washington- based API in a report late yesterday. It showed gasoline supplies rose 1.55 million barrels to 228.8 million. An Energy Department inventory report scheduled for today was delayed until Feb. 12 because of a government shutdown caused by a snowstorm in Washington. It may also show stockpiles grew, according to a Bloomberg survey of analysts. To contact the reporter on this story: Margot Habiby in Dallas at mhabiby@bloomberg.net.

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