* U.S. Fed ready to ease money policies if economy weakens
* EIA: U.S. crude stocks drop 3.12 million barrels
* Coming up: U.S. jobless claims, 8:30 a.m. EDT, Thursday (Updates with Brent crude settlement price, 4th paragraph; and IEA details, 17th paragraph)
By Gene Ramos
NEW YORK, July 13 (Reuters) - Oil futures rose for a second day on Wednesday, as U.S. Federal Reserve Chairman Ben Bernanke signaled more stimulus coming if the economy weakens, and U.S. crude inventories fell more than expected last week.
The dollar fell sharply, making oil and other commodities more attractive, after Bernanke said the U.S. central bank was ready to ease monetary policy further if the economy slows further and inflation moves lower. [ID:nN1E76COKZ] [USD/]
"Bernanke's comments plus the EIA's crude stock draw pulled up crude futures," said Chris Dillman, analyst at Tradition Energy in Stamford, Connecticut.
In London, ICE Brent crude for August delivery
U.S. August crude
Brent's premium against U.S. crude widened to $22.74 after
closing at $20.32 on Tuesday.
Prices rose back up after earlier losses on worries about euro zone debt and despite supportive data from China and a forecast of strong demand growth from the Paris-based International Energy Agency.
The U.S. Energy Information Administration said domestic crude inventories fell 3.1 million barrels last week, far more than the forecast for a 1.8 million drawdown in a Reuters poll and extending a supply decline to six straight weeks. [EIA/S]
The U.S. dollar was down 0.78 percent against a basket of currencies in late trading. <.DXY>
BERNANKE COMMENTS RALLY MARKETS
Wall Street rallied after a three-day sell-off as investors cheered Bernanke's comments before a congressional panel while an array of commodities gained after the dollar's hefty drop.
The 19-commodity Reuters-Jefferies CRB index <.CRB> jumped 1.5 percent as oil and other commodities rose.
In New York, U.S. gasoline futures
Gasoline soared after U.S. EIA's data showed an 800,000 barrel stocks drawdown, contrary to forecasts for a small 200,000 barrel rise.
"Prompt barrels on the New York Harbor have remained tight, and that is what's pushing gasoline up, not necessarily demand," said Tom Knight, trader at petroleum marketers Truman Arnold in Texarkana, Texas.
Euro zone plans for a leaders' summit on a second Greek rescue were thrown into doubt by Germany on Wednesday, raising fears markets may exploit the policy vacuum with a new onslaught on the bloc's high debtors. [ID:nLDE76C0EI]
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HIGHLIGHTS-Bernanke's Q&A with lawmakers: [ID:nN1E76C0PE]
FACTBOX on IEA stocks release [ID:nL6E7I80VV]
Other stories on euro zone crisis [ID:nL6E7HL0JK]
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The 28-nation IEA predicted global oil demand would rise next year to a 91 million barrels per day (bpd), outpacing a more conservative prediction by OPEC. [ID:nL9E7I7044]
Since falling to four-month lows after the IEA announced on June 23 a coordinated move among its members to release 60 million barrels of emergency oil stocks, U.S. crude has bounced back nearly 8 percent while Brent crude has rebounded almost 11 percent.
China's second-quarter gross domestic product rose 9.5 percent from a year earlier, exceeding economists' forecasts for 9.4 percent growth.
The country's implied oil demand in June rose 1.1 percent from a year earlier, however, the slowest growth rate since April 2009. [ID:nL3E7ID0QP] (Additional reporting by Robert Gibbons in New York; Ikuko Kurahone and Simon Falush, London; and Alejandro Barbajosa in Singapore; Editing by David Gregorio and Sofina Mirza-Reid)