stocks down 7.6 mln bbls last week, says API
* Reuters poll forecasts 2.6 mln bbbls build instead
* Coming up: Official inventory data from EIA at 1430 GMT (New throughout, updating market activity and comments to U.S. session; changes byline and previous LONDON dateline)
By Barani Krishnan
NEW YORK, Oct 5 (Reuters) - Oil prices rose about 2 percent on Wednesday, hitting their highest since June, on the possibility that the U.S. government will report another weekly drawdown in crude stockpiles.
Speculation about production cuts that could occur at OPEC's meeting next month also kept the market supported.
The American Petroleum Institute (API), a trade group, reported on Tuesday that its data showed U.S. crude inventories dropped 7.6 million barrels during the week ended Sept. 30. Analysts polled by Reuters forecast a build of 2.6 million barrels instead.
The U.S. Energy Information Administration (EIA) will issue official inventory data at 10:30 a.m. (1430 GMT). If the API was correct in calling a draw, it would be a fifth straight weekly decline for U.S. crude stocks. API/S
Oil prices ended Tuesday's official session lower before rising post-settlement on the API report.
Brent crude was up 91 cents, or 1.8 percent, at $51.78 a barrel by 9:35 a.m. EDT (1335 GMT) on Wednesday, rising to $51.96 earlier, its highest since June 10.
U.S. West Texas Intermediate (WTI) crude was up 95 cents, or 2.1 percent, at $49.64. Its peak for the morning was $49.77, a high since June 29.
"A bullish trading stance over the short term is advised as the upward momentum triggered by last week's OPEC meeting is being sustained by another unexpectedly large crude supply draw," said Jim Ritterbusch of Chicago-based oil markets advisory Ritterbusch & Associates.
"While the EIA can easily vary appreciably from the API data, it now appears that a sizable crude draw will be forthcoming."
Oil prices have rallied around 13 percent over the past six sessions after the Organization of the Petroleum Exporting Countries announced plans to limit output when it gathers for its policy meeting in Vienna in November. target is to bring its production to between 32.5 million and 33.0 million barrels per day by cutting some 700,000 bpd from a glut of about 1.0 million-1.5 million bpd estimated by analysts. The group has invited Russia and other major producers to join in making cuts.
Many analysts are skeptical of OPEC's target as the biggest crude producers in the group such as Saudi Arabia, Iran, Iraq, Libya and Nigeria have all been pumping or exporting as much as they could while talking of cuts. Still prices have continued to rise.
"The mere threat of a production cut should put a floor under oil prices until the next OPEC meeting on Nov. 30," said Jason Gammel of U.S. investment bank Jefferies.