SINGAPORE (Dow Jones)--Crude-oil futures were mixed in Asia trading Wednesday as better-than-expected Chinese economic data helped trim losses, but traders remained cautious ahead of the release of weekly U.S. oil inventory data later in the global day. On the New York Mercantile Exchange, light, sweet crude futures for delivery in August traded at $97.26 a barrel at 0656 GMT, down $0.17 in the Globex electronic session. August Brent crude on London's ICE Futures exchange fell $0.14 to $117.61 a barrel. Crude-oil prices spiked after China reported a better-than-expected second-quarter gross domestic product growth. The economy expanded 7.5%, which was slower than the first quarter's 9.7% growth but better than expectations of a 9.4% rise. While strong stronger China data bode well for crude-oil imports, which declined to an eight-month low in June, it also fuels concerns that Beijing may not shift from its monetary tightening stance. Prices were lower earlier in the day after industry group American Petroleum Institute said overnight that a survey showed crude inventories climbing 2.3 million barrels last week. "Pressure will come from yesterday's API data, yesterday's late downgrade of Ireland's debt rating, and the [Energy Information Administration's] downgrade of its global demand forecast," MF Global analysts said in a note. The EIA Tuesday said global oil demand will grow 1.65% to 88.16 million barrels a day this year--a 0.3% reduction from levels forecast a month ago--as world economic growth lagged expectations. A downgrade by Moody's Investors Service of Ireland's sovereign rating to junk status Tuesday could further fuel concerns over the European sovereign debt crisis that has weighed on oil prices in recent months. Sluggish euro-zone economies cast doubt over the region's oil demand as well as weakening the common currency, which makes dollar-denominated crude more expensive. "We look for euro-zone debt issues to occupy trader attention on into Wednesday's trade with a variety of U.S. economic releases generally driving oil value during the final two sessions of this week," said Jim Ritterbusch at Ritterbusch & Assoc. The market may also take cues from the U.S. Department of Energy inventory data. Analysts polled by Dow Jones Newswires forecast oil inventories to have fallen last week by a median 1.3 million barrels. Gasoline inventories rose 100,000 barrels, according to their estimates, while stocks of distillates, including heating oil and diesel, rose 200,000 barrels. Nymex reformulated gasoline blendstock for August--the benchmark gasoline contract--rose 18 points to $3.1000 a gallon, while August heating oil traded at $3.0781, 95 points lower. ICE gasoil for August changed hands at $968.00 a metric ton, up $1.00 from Tuesday's settlement. -By Gurdeep Singh, Dow Jones Newswires; 65-6415 4064; gurdeep.singh@dowjones.com

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