Oil jumps over 3 pct after fall in U.S. crude inventories

By Rebekah Kebede

NEW YORK (Reuters) - Oil rose more than 3 percent to over $61 a barrel on Wednesday, supported by falling U.S. crude oil inventories and economic optimism following positive U.S. data.

U.S. crude rose $2.19 to $61.71 a barrel by 1:21 p.m. EDT (6:21 p.m. British time), while Brent crude gained $2.63 to $63.49 a barrel.

Crude stocks in the world's top oil consumer fell by a greater-than-expected 2.8 million barrels, to 344.5 million barrels, the U.S. Energy Information Administration said.

"The larger-than-expected crude stock draw of 2.8 million barrels is attracting much attention so far in forcing values to fresh highs for the day," said Jim Ritterbusch, president of Ritterbusch & Associates in Galena, Illinois.

Support also came as positive economic data spurred investors out of the U.S. dollar and into equities and commodities. The Reuters-Jeffereies CRB Index .CRB rose more than 1 percent in early afternoon activity.

The U.S. dollar fell to a one-month low against a basket of six major currencies, while the euro rose 1 percent on the day versus the greenback.

Global stocks gained after upbeat results from Intel (INTC.O), but doubts lingered about the strength of any rebound and the implications for energy demand.

FUEL DEMAND SLUGGISH