U.S. crude oil for June delivery crept up 1 cent to $49.93 a barrel by 6:41 a.m. British time, paring earlier losses of as much 80 cents. London Brent crude was down 6 cents to $50.05 a barrel. "It appears that oil is shifting its focus away from the bad news and taking its cue from equities markets," said Gerard Rigby, an analyst from Fuel First Consulting in Sydney. "Traders are having a wait-and-see attitude and looking for U.S. GDP data to see where the economy is heading." Asia stocks bounced back on Wednesday from a two-day slide, with investors taking heart from data showing the U.S. economy slowly healing. The MSCI index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose about 2.3 percent and S&P futures were up 0.8 percent in Asia. Oil's fall earlier on Wednesday was in part encouraged by data that showed U.S. crude oil stocks had risen by 4.6 million barrels in the week to April 24, according to data released by the American Petroleum Institute, more than double analysts' expectations for a 2.1 million barrel increase. The API report foreshadows similarly bearish data from the more authoritative U.S. Energy Information Administration, due to be released at 14:30 p.m. British time on Wednesday. "The economy, banking and swine flu jitters continue to weigh on oil," research firm Informa Global Markets said in a report. New swine flu infections were found around the world on Tuesday and the spectre of a pandemic hit the travel industry as governments warned people to stay away from Mexico where 159 people have died. The flu has hit airline stocks on expectations travel will be curtailed, and analysts warned jet fuel demand may slump, citing the drop in consumption that corresponded to the SARS epidemic in 2003. Oil prices have tumbled off the record high of $147 last July as the global economic crisis shaved off energy demand, but hopes of an economic recovery later this year have kept prices supported around $50 a barrel for most of this month. Investors will be keenly watching for statements from the Federal Reserve as policy makers end their two-day meeting, while the U.S. first-quarter gross domestic product data will also help confirm if the recession is easing, analysts said. source: Reuters