Oil prices extend gains on weak dollar, industry data *
 

SINGAPORE: Oil prices rose built on recent gains Thursday thanks to a softer dollar and industry data indicating US stockpiles sank last week.

The gains extend a seven percent rally in the commodity since hitting Thursday´s two-week lows as investors look ahead to a Russia-OPEC meeting at the end of the month aimed at addressing an oversupply crisis.

The latest bump came after the American Petroleum Institute, an industry-funded group, said US inventories fell 12.1 million barrels last week, according to Bloomberg News.

Eyes are **w on the release of official figures from the US energy department later Thursday, which will provide a better idea of the strength of demand in the world´s top eco**my and crude consumer.

At about 0320 GMT, US benchmark West Texas Intermediate for October delivery was up 81 cents, or 1.78 percent, to trade at $46.31 a barrel while Brent crude was up 76 cents, or 1.58 percent, to $48.74.

Prices also got support from news that imports to China -- the world´s top energy consumer -- rose in August for the first time in 22 months, raising hopes the the huge eco**my is stabilising after years of slowing.

"Looking at the erratic price action recently, traders are obviously in a state of confusion. Whipsawed by OPEC comments, which run counter to the fundamental supply argument," said OANDA senior trader Stephen Innes in a **te.

Russia and OPEC are due to meet in Algeria later this week to discuss how to deal with a supply glut that has dragged down oil prices for the past two years.

But traders are still sceptical on whether a deal can be reached after earlier efforts this year were scuppered by Iran who refused to agree to any deal as it emerged from years of nuclear-linked Western sanctions.

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