Oil falls below $53 on demand drop

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By Annika Breidthardt

SINGAPORE (Reuters) - Oil fell for a fifth straight session to below $53 on Thursday after U.S. crude inventories climbed twice as much as expected, signaling an economic downturn is hitting hard and demand for fuel is falling.

Oil also took its lead from equities, which fell in the United States and Europe to their lowest in 5- years after U.S. consumer prices dropped at a record pace in October and as prospects faded for a bailout of the U.S. car industry.

U.S. light crude for December delivery, due to expire later on Thursday, fell 77 cents or 1.4 percent to $52.85 a barrel at 0616 GMT, after falling to the lowest since January 22, 2007 in the previous session.

London Brent crude shed 87 cents to $50.85 a barrel.

"The lack of any positive news on the demand front as well as continued global economic turmoil continue to result in a dearth of bullish news," said Jonathan Kornafel, Asia director of Hudson Capital Energy.

U.S. crude oil inventories rose 1.6 million barrels last week, twice analysts' expectations, according to data from the Energy Information Administration.

Total product demand fell by 7 percent against year-ago levels, the EIA reported on Wednesday, as consumption falls due to the economic crisis.

U.S. Federal Reserve forecasts that the U.S. economy will contract in the first half of next year and concern about the potential for deflation in the world's top oil consumer also weighed on crude prices.

Oil has shed almost two thirds of its value since its July record above $147 a barrel as demand in big consumer nations slows, prompting some members of the Organization of the Petroleum Exporting Countries (OPEC) to call for further oil output cuts.

OPEC ministers gather for informal talks on a further oil supply cut in Cairo on November 29, having already decided last month to reduce output by 1.5 million barrels per day. They are scheduled to meet again on December 17 in Algeria.

But OPEC's President Chakib Khelil said in remarks published on Wednesday OPEC was unlikely to act on output in Cairo because members will not know whether previous reductions have been applied.

(Reporting by Annika Breidthardt; Editing by Michael Urquhart)

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