* Global equities move higher

* EIA inventory data due later Wednesday

U.S. crude futures rose on Wednesday on industry inventory data showing crude supplies fell last week along with gasoline stocks and as positive earnings results fueled a global equities rally.

Crude and products futures moved higher overnight in heavy volume after a report from the API yesterday, Addison Armstrong, analyst at Tradition Energy in Stamford, Connecticut, said in a note.

Tuesday's American Petroleum Institute inventory report showed crude oil supplies fell 1.2 million barrels last week. Gasoline stocks dipped only 69,000 barrels. Distillate supplies rose 625,000 barrels. [ID:nN14605500]

A Reuters analyst survey yielded a forecast for U.S. crude oil supplies to have fallen 1.6 million barrels, with gasoline stocks expected to be up 1.0 million barrels and distillate stocks up 1.9 million barrels. [EIA/S]

The U.S. Energy Information Administration's inventory data is to be released on Wednesday at 10:30 a.m. EDT (1430 GMT).

Rising product stocks have pressured refining margins, which has had a negative impact on tanker demand during the past six to seven weeks, Omar Nokta, head of research at Dahlman Rose & Co, wrote in a research note.

Global stocks powered to their highest level in nearly two weeks after blockbuster results from major firms. [MKTS/GLOB]

PRICES

* On the New York Mercantile Exchange at 9:39 a.m EDT (1339 GMT), August crude CLQ9 was up $1.10, or 1.85 percent, at $60.62 a barrel, trading from $59.65 to $61.03.

* NYMEX August crude oil options expire on Thursday.

* In London, August Brent crude LCOQ9 rose $1.44, or 2.37 percent, to $62.30 a barrel, trading from $61.33 to $62.68. The August Brent contract expires on Thursday.

* NYMEX August RBOB RBQ9 rose 3.11 cents, or 1.89 percent to $1.6777 a gallon, trading from $1.6525 to $1.69.

* NYMEX August heating oil HOQ9 rose 3.27 cents, or 2.16 percent, to $1.5446 a gallon, trading from $1.5165 to $1.5541.

* The August/August RBOB crack spread <0#RB-CL=R> was at $9.92, after ending at $9.64 on Tuesday. The August/August heating oil crack spread <0#CL-HO=R> was at $4.28, after ending
at $3.98 on Tuesday.

* The spread between the current front month and the five-year forward crude contract CLc61 was at $18.01, based on the August 2014 contract Tuesday settlement at $78.63. The spread ended Tuesday at $19.11.

TECHNICALS

NYMEX crude 10-day/20-day moving average: $62.31/$66.04

Technical support/resistance:

NYMEX crude: $58.32/$62.00

NYMEX heating oil: $1.5030/$1.5520

NYMEX RBOB: $1.6010/$1.68

For a report on technicals, click on [ID:nLF174390]

MARKET NEWS

* Nigeria's most prominent militant group said it would observe a 60-day ceasefire from Wednesday. [ID:nLF20151]

* The factory sector in New York state in July posted the highest reading in more than a year. [ID:nNYS005236]

* U.S. consumer prices rose at a faster-than-expected 0.7 percent pace in June, but the bulk of the increase was due to soaring gasoline prices and the core measure of inflation remained relatively tame. [ID:nN14266826]

* Sunoco Inc (SUN.N) reported a snag Tuesday in a reformer unit box heater at its refinery in Eagle Point, New Jersey, according to a regulatory filing. [ID:nN15331015]

(Reporting by Robert Gibbons; Editing by Walter Bagley)

Crude oil