* Global equities up, boost oil on revived growth view * Leak shuts Trans-Alaska crude oil pipeline Tuesday * Coming up: EIA oil data at 10:30 a.m. EDT Wednesday NEW YORK, May 26 (Reuters) - U.S. crude oil futures rose more than 2 percent on Wednesday, lifted by a strong rebound in global equities markets as traders awaited government oil inventory data. "Crude and products futures rebounded sharply in moderate overnight volume after European equities rallied," Addison Armstrong, analyst at Tradition Energy in Stamford, Connecticut, said in a note. European shares extended gains in afternoon trade after U.S. durable goods data beat expectations, boosting confidence in the strength of the recovery. Wall Street opened higher amid bargain hunting after the recent sell-off. [.N] The euro slid for a third straight session against the dollar, still pressured by nagging fears that the European debt crisis could hurt global growth prospects. [USD/] Gasolines inventories fell 3.2 million barrels in the week to May 21, much more than expected, while crude stockpiles rose 616,000 barrels, according to American Petroleum Institute data released late Tuesday. [API/S] API data showed distillate stocks rose 1.5 million barrels and inventories at the key Cushing, Oklahoma, NYMEX benchmark crude delivery point fell from their record high. A Reuters survey of analysts ahead of the API data on Tuesday yielded a forecast for crude to have risen only 200,000 barrels. [EIA/S] Distillate stocks were expected to be unchanged and gasoline stocks to be down only 200,000 barrels. The U.S. Energy Information Administration's weekly report is due on Wednesday at 10:30 a.m. EDT (1430 GMT). The global economy is recovering faster than expected from recession with Asia leading the way, but is at risk from huge debts in developed countries and possible overheating in countries such as China, the Organization for Economic Cooperation and Development said in a report. [ID:nLAG006298] PRICES * On the New York Mercantile Exchange at 9:53 a.m. EDT (1353 GMT), July crude CLN0 rose $1.84, or 2.65 percent, to $70.59 a barrel, trading from $69.21 to $70.87. * The May 20 $64.24 intraday low was the weakest front-month price since $62.76 was struck on July 30, 2009. The 2010 peak of $87.15 was struck on May 3. * In London on the Intercontinental Exchange, July Brent crude LCON0 rose $1.52, or 2.19 percent, to $71.07 a barrel, trading from $69.69 to $71.49. * NYMEX June refined products contracts expire on Friday. * NYMEX June RBOB RBM0 rose 3.57 cents, or 1.85 percent, to $1.9665 a gallon, trading from $1.9457 to $1.98. * NYMEX June heating oil HOM0 rose 2.90 cents, or 1.55 percent, to $1.9007 a gallon, trading from $1.8735 to $1.9128. * The July/July heating oil crack spread <0#CL-HO=R> was at $9.87 a barrel. The spread ended Tuesday at $10.39. The July/July RBOB crack spread <0#RB-CL=R> was at $11.80. The spread ended Tuesday at $11.86. * The spread between the current front month and the five-year forward crude contract CLc61 was at $12.39, based on the July 2015 contract Tuesday settlement of $82.98. The spread ended on Tuesday at $14.23. TECHNICALS NYMEX crude 10-day/20-day moving average: $70.30/$75.21 Technical support/resistance: NYMEX crude: $64.24/$74.00 NYMEX heating oil: $1.8368/$1.9561 NYMEX RBOB: $1.8406/$2.0214 MARKET NEWS * New U.S. durable goods orders rose more than expected in April, government data showed, but fell for the first time in three months excluding transportation. [ID:nN25139665] * The Trans-Alaska Pipeline shut down on Tuesday after spilling crude oil into backup containers. [ID:nN25149423] * China will apply a new resource tax in Xinjiang region from June 1 that is expected to be adopted nationwide later. China will levy producers in the northwestern region with a 5 percent tax on the sales price of crude oil and natural gas and a 2-5 percent tax on the sales price of coal in Xinjiang. [ID:nTOE64P055]

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