By Nirmal Bang

MARKET ROUNDUP

Crude futures ended higher for the second day in a row on Tuesday as talk of a possible European rescue to debt-ridden Greece pushed down the dollar against the euro.

IN FOCUS

- U.S. crude inventories jumped by 7.2 million barrels in the week to Feb. 5, the American Petroleum Institute said late on Tuesday, much higher than an expected 1.5 million barrel rise predicted by analysts.

- Top oil exporter Saudi Arabia will continue to supply full contracted volumes to at least two Asian term buyers in March, sources said, suggesting the kingdom is willing to meet the region's supply needs as oil prices stay near $75.

- The Dow posted its largest one-day percentage gain in three months on Tuesday, boosted by reports of an aid plan for heavily indebted Greece.

- Analysts forecast a drop in distillate stocks, which include heating oil and diesel, due to below-normal temperatures across much of the United States.

- Colder-than-usual winter readings in the U.S. Northeast, the biggest regional market for heating oil, could have triggered the bulk of the distillate drawdowns last week, analysts said.

- Gasoline supplies increased moderately, the poll showed, though forecasts came in mixed as analysts weighed potentially higher imports against lower production in the wake of some refinery snags and maintenance programs.

- Distillate stocks were predicted down 1.9 million barrels, with gasoline supplies up 500,000 barrels, the poll showed. Refinery utilization was forecast up 0.2 percentage point to 77.9 percent after having fallen during the previous week to the lowest level since the 1990s, not counting shutdowns due to hurricanes.

FUNDAMENTAL OUTLOOK

Crude oil prices are trading half a percent lower on NYMEX on the back of build posted by API in crude inventory stocks. Outlook for crude oil is sideways to up for the day, buying at dips is recommended during the day. We have EIA weekly crude inventory stocks to be released later in the evening, any further build posted by EIA will limit crude oil gains during the day.