* Dow record bolsters sentiment; lifts Asian shares, base metals
* Investors await succession plans in Venezuela after Chavez dies
* U.S. crude stocks rise 5.6 mln bbls, fuel stocks fall-API
* Coming Up: EIA petroleum status report; 1530 GMT (Updates prices)
By Manash Goswami
SINGAPORE, March 6 (Reuters) - Brent futures rose towards $112 a barrel on Wednesday, tracking a rally in equity markets and expectations of a revival in demand growth following positive economic data from the United States and China.
Signs of a strengthening U.S. economy and continued support from the Federal Reserve pushed the Dow Jones industrial average to a record closing high on Tuesday. Oil was also supported by China's pledge to keep growing at 7.5 percent, countering worries about its growth, and by North Sea supply disruptions.
Brent crude gained 6 cents to $111.67 a barrel by 0745 GMT, off an earlier high of $112.23. It settled up $1.52 on Tuesday and snapped a five-day losing streak, the longest since early December. U.S. oil gained 2 cents to $90.84.
"Commodity prices are catching up," said Tetsu Emori, a commodities fund manager at Astmax Investments in Tokyo. "China's statement on GDP growth is very positive for oil demand, and recent data suggests the growth outlook in the United States is good. These should support prices."
The encouraging economic outlook may push Brent to at least $120 a barrel and U.S. oil to $100 by summer, Emori said.
Wall Street's record close encouraged investors to take more risk, boosting Asian shares, base metals and other commodity-linked currencies, while the U.S. dollar eased 0.1 percent against a basket of currencies.
SUPPORTING PRICES
The surge in U.S. equities was driven, in part, by data showing the U.S. services sector accelerated to its fastest pace in a year in February, helped by a rise in new orders and demand for exports.
"The positive tone was supported by ongoing policy support and solid economic data from the U.S. and Europe," analysts at ANZ said in a report. "The US ISM non-manufacturing index surprised on the upside at 56.0 in February, suggesting strong growth in this part of the US economy that is a big employer."
Markets were now awaiting U.S. nonfarm payrolls data due this week for more clues on the health of the economy.
Brent got additional support from supply disruption in the North Sea. The operator of the Brent pipeline said it was still studying whether it would be safe to reopen the oil link after a leak at a platform forced a shutdown as a precaution.
The oil market is also watching developments in Venezuela, following the death of President Hugo Chavez after a two-year battle with cancer. Investors are on the lookout for a succession plan in the OPEC nation. The country's oil industry was operating normally and no disruption was expected, state oil company PDVSA said.
"His death is not likely to have any major impact on the oil market," Emori of Astmax Investments said. "But investors are waiting and watching."
Brent is expected to keep rising to $113.22 per barrel, as it has cleared a resistance at $111.83, while a rebound target at $91.40 remains unchanged for U.S. oil, according to Reuters technical analyst Wang Tao.
CAPPING GAINS
Yet gains were capped by medium-term concerns such as rising U.S. crude supply and the country's fiscal crisis, which have pushed Brent down about $8 a barrel since a high of $119.17 touched in mid-February.
Weekly U.S. inventory data released by the American Petroleum Institute showed a steep build of 5.6 million barrels in domestic crude stockpiles for the week to March 1, including a 259,000-barrel build at the Cushing, Oklahoma, delivery point for the U.S. oil contract.
Product stockpiles fell slightly more than analysts' expectations, however. Traders will now be watching for weekly stockpile data from the U.S. Energy Information Administration, due out on Wednesday, for further insight into inventories. (Editing by Richard Pullin and Muralikumar Anantharaman)
