U.S. crude futures firmed above $49 at midday on Thursday as traders continued to shrug off Wednesday's data showing a bearish build in crude stocks, focusing instead on some optimistic signs of an economic recovery and on options trading. Crude oil was buoyant, "teasing the $50 strike price ahead of this afternoon's May (crude contract) options expiration," said Tim Evans, energy analyst at Citi Futures Perspective in New York. Also supportive was news that OPEC seaborne oil exports, excluding Angola and Ecuador, will fall 560,000 barrels per day in the four weeks to May 2, according the latest estimate by UK consultancy Oil Movements. [ID:n4690] New claims for jobless benefits fell unexpectedly last week, government data showed on Thursday. [ID:nN16419533] The Federal Reserve said on Wednesday that the U.S. economy continued to weaken in March and early April, but the speed of contraction was fading amid scattered signs the country's recession may be nearing an end. [ID:nN15508299] The Paris-based International Energy Agency, the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries have all revised lower their view of oil demand for this year. And the EIA's report on Wednesday of a bearish build in crude stocks last week was accompanied by data showing U.S. petroleum demand remaining sluggish. "However, the markets seem to be increasingly desensitized by the poor demand readings, as participants seem to be focusing on somewhat more upbeat prospects further down the road," MF Global said in an early market commentary. PRICES * On the New York Mercantile Exchange at 11:55 a.m. EDT (1555 GMT), May crude CLK9 was up 24 cents, or 0.49 percent, at $49.49 a barrel, trading from $49.11 to $50.48. * In London, June Brent LCOM9 crude was up 62 cents, or 1.18 percent, at $53.06 a barrel, trading from $52.53 to $53.91. * NYMEX May RBOB RBK9 rose 1.87 cents, or 1.29 percent, to $1.4655 a gallon, trading from $1.4460 to $1.4853. * NYMEX May heating oil HOK9 was up 1.89 cents, or 1.35 percent, at $1.4199 a gallon, trading from $1.4004 to $1.4310. * The May/May RBOB crack spread <0#RB-CL=R> was at $12.06. It ended at $11.52 on Wednesday. The May/May heating oil crack spread <0#CL-HO=R> was at $10.15. It ended Wednesday at $9.59. * The spread between the current front month and the five-year forward crude contract CLc61 was at $25.28, based on the May 2014 contract's Wednesday settlement at $74.77. TECHNICALS NYMEX crude 10-day/20-day moving average: $50.55/$51.10 Technical support/resistance: NYMEX crude: $48.85/$51.06 NYMEX heating oil: $1.4090/$1.4755 NYMEX RBOB: $1.4521/1.5085 For a report on technicals click [ID:nLG000545] MARKET NEWS * New claims for jobless aid dropped unexpectedly last week in a potentially brighter sign for employment, but the number of people in jobless rolls hit a record. [ID:nN16419533] * New U.S. housing starts fell more than expected in March, after surging in February, government data showed, dashing hopes that the housing market was stabilizing. [ID:nN15494154] * U.S. demand for crude oil and petroleum products fell 2.2 percent in March, as the weak economy cut into consumption of fuel, the American Petroleum Institute said. [ID:nWEQ000882] * OPEC member Kuwait halted crude oil and product exports due to a sandstorm and generally bad weather. [ID:nLG492868] * Hopes that China's slowest quarter on record could mark a bottom to the global financial crisis were echoed in Europe, where a fall in car sales eased. China's annual economic growth rate slowed to 6.1 percent in the first quarter from 6.8 percent in the fourth quarter.

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