* API data shows sharp crude stocks drop, supports oil * US Q3 GDP revised up, but below views, limits oil rise * Coming up: EIA oil data at 10:30 a.m. EST (1530 GMT) NEW YORK, Dec 22 (Reuters) - U.S. crude oil futures prices rose on Wednesday, moving above $90 a barrel, on industry inventory data released the previous day showing crude and gasoline stocks fell last week. Oil prices stayed elevated despite a report showing that, while U.S. economic growth was a touch higher than previously estimated in the third quarter, it was below expectations as a rise in the pace of inventory accumulation was offset by downward revisions to consumer spending. The dollar's weakness, expectations that an improving economic recovery will raise oil demand and cold weather in Europe and the United States also helped lift oil prices. The industry group the American Petroleum Institute's report late on Tuesday said crude stocks fell 5.8 million barrels in the week to Dec. 17, with gasoline stockpiles down 2.9 million barrels. [API/S] Distillates, including heating oil and diesel fuel, rose 16,000 barrels, according to the API. Ahead of the weekly inventory reports, U.S. crude stocks were expected to have fallen 2.3 million barrels, according to a Reuters survey of analysts. [EIA/S] U.S. gasoline stockpiles were expected to be up 1.4 million barrels, while distillates were estimated to be down 700,000 barrels. FUNDAMENTALS * On the New York Mercantile Exchange, February crude CLG1 rose 60 cents, or 0.7 percent, to $90.42 a barrel at 9:15 a.m. EST (1415 GMT), trading from $89.85 to $90.45, highest intraday price for front-month futures since crude hit a 26-month peak of $90.76 on Dec. 7. * U.S. third-quarter gross domestic product growth was revised up to an annualized rate of 2.6 percent from 2.5 percent, the Commerce Department said. Economists had expected growth to be revised up to a 2.8 percent pace. [ID:nN22291718] * Japan's commercial crude inventories rose 5.9 percent last week from the week before to a four-month high, industry data showed on Wednesday, reflecting a recovery in imports and a fall in refinery runs. [ID:nTOE6BL02V] MARKETS NEWS * The U.S. dollar extended declines versus the euro and yen on Wednesday and U.S. Treasury prices pared losses after data showed U.S. economic growth was a touch higher than previously estimated in the third quarter, but below expectations. [USD/] [ID:nN22REASUR] * Ahead of the GDP data, the euro had gained against the dollar and bounced from all-time lows against the Swiss franc, boosted by a news report that China was ready to buy significant amounts of Portuguese sovereign debt. [ID:nLDE6BL0YV] * U.S. stock index future trimmed gains after the GDP report. [.N] * Gold firmed in Europe, building on three straight sessions of gains, as the dollar eased versus the euro, even as credit rating agencies warned on euro zone debtors, which boosted safe-haven demand. [GOL/] UPCOMING DATA * U.S. November existing home sales, out at 10 a.m. EST (1500 GMT), seen up 5 percent after a 2.2 percent fall in October. * U.S. Energy Information Administration oil inventory data scheduled for release at 10:30 a.m. EST (1530 GMT). 9:15 LAST NET PCT LOW HIGH CURRENT DAY AGO CHNG CHNG VOL VOL CLc1 90.42 0.60 0.7% 89.85 90.45 42,510 33,048 CLc2 91.21 0.55 0.6% 90.67 91.23 12,694 265,975 LCOc1 93.64 0.44 0.5% 93.25 93.79 43,926 107,656 RBc1 2.4225 0.0240 1.0% 2.4100 2.4243 1,720 33,104 RBc2 2.4050 0.0234 1.0% 2.3912 2.4072 3,642 41,056 HOc1 2.5272 0.0108 0.4% 2.5157 2.5288 3,237 34,941 HOc2 2.5396 0.0105 0.4% 2.5285 2.5401 4,841 39,666 * NYMEX crude oil for February CLc1 rose 60 cents to $90.42 a barrel by 9:15 a.m. in volume of 42,510 lots. (Reporting by Robert Gibbons; Editing by Walter Bagley)

Source