NEW YORK (Reuters) - Oil jumped more than 3 percent to top $71 a barrel on Tuesday after data showing gains in U.S. retail sales and producer prices outweighed concerns about growing U.S. distillate inventories.
U.S. retail sales rose at the fastest pace in 3-1/2 years in August and New York State manufacturing activity hit a near two-year high, data showed, more signs that economic activity was improving.
A separate report showed prices received by U.S. producers rose faster than expected last month.
U.S. crude for October delivery rose $2.24 to $71.10 a barrel by 1:59 p.m. EDT (1746 GMT). October Brent -- which was pressured ahead of the contract's expiration Tuesday -- fell 19 cents to $67.25 a barrel.
Traders have been looking to equities markets and wider economic data for signs of a turnaround that could bolster flagging oil demand.
Further support came after Federal Reserve Chairman Ben Bernanke said the worst U.S. recession since the Great Depression was probably over, but the recovery would be slow and it would take time to create new jobs.
"Once the S&P (500 index) firmed and when Bernanke said recession was near an end it seemed to send crude back up above $70," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut.
The Organization of the Petroleum Exporting Countries said signs of a rebound the world economy appeared to be gathering but that recovery would be gradual.
Expectations U.S. inventory data will show another build in distillate stocks as the world's top consumer begins to gear up for winter also helped limit gains.
Analysts forecast data from the American Petroleum Institute due out later on Tuesday and Energy Information Administration on Wednesday will show a 1.5 million-barrel increase in distillates last week.
"There is a concern about inventory building," Christophe Barret, analyst with Calyon, told Reuters Television.
"The amount of gasoil in storage will put some pressure on crude prices in the coming weeks," Barret said.
Gasoline stocks were seen up by 800,000 barrels, while crude stocks were seen down by 2.7 million barrels.
(Reporting by Matthew Robinson, Robert Gibbons and Gene Ramos in New York, Catherine Bosley and Jane Grieve in London and Sambit Mohanty in Singapore; Editing by Jim Marshall)
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