Brent Recovers After Fall Below $91

* Brent pulls backs from early low

* EIA data shows U.S. crude stocks higher than expected

* IMF cuts global economic growth forecast 3rd time this year

* EIA forecasts slowing global demand growth (Recasts with Brent's recovery, updates prices, adds analyst views, changes byline, dateline, previous LONDON)



Brent crude hit a 27-month low on Wednesday before recovering to above $91 a barrel, attempting to rebound from a week of near non-stop selling despite data showing a hefty build in U.S. oil stockpiles.

U.S. crude stocks climbed by 5 million barrels to 361.65 million in the week to Oct. 3, Energy Information Administration data showed. The build was way above the 1.5 million barrels forecast by analysts in a Reuters poll, but in line with preliminary stockpile data issued on Tuesday by the American Petroleum Institute.

Some analysts also saw the EIA numbers differently, pointing especially to a stockpile draw in Cushing, Oklahoma, the delivery point of the U.S. crude contract, which brought down inventories there by 1.6 million barrels.

"To me, that was bullish," said Andy Lebow, vice president at Jefferies Bache in New York. "At this moment, the action is not terrible, and it wouldn't surprise me to see some kind of short covering rally on the cards as the market's been routed the last couple of days."

Brent for November was down 67 cents at $91.44 by 12:53 p.m. EDT (1653 GMT), after hitting $90.57 earlier in the session, its lowest price since June 2012. Except for one session, Brent has been down daily since Sept 30, losing 6 percent in that period.

U.S. crude slipped $1.53 to $87.32 a barrel, after hitting $86.83 on Wednesday, its lowest level since April 2013.

The spread between the two crude markets crept back up, to nearly $4 after falling to as low as $2.41 on Oct. 2.

While the Cushing draw was encouraging to some, gasoline stockpiles and imports were both up. In addition, the EIA cut its global demand forecast for 2014 by 1.24 million barrels on Tuesday, and trimmed its Brent crude price forecast for 2015.

That forecast came as the International Monetary Fund cut its global economic growth forecasts for the third time this year, warning of weaker growth in core euro zone countries, Japan and major emerging markets such as Brazil. Global stock markets hit a six-month low on Wednesday.

"We could probably see some short-covering but not a lot, as we are still teeing off on the dollar and other negatives out of Europe," said Jim Ritterbusch, president at Ritterbusch & Associates in Galena, Illinois.

The Organization of the Petroleum Exporting Countries is due to meet in Vienna on Nov. 27, and analysts say the group could significantly cut its output target from 30 million barrels per day (bpd).

"The recovery in prices must come from the supply side, meaning lower OPEC production," Carsten Fritsch, senior oil and commodities analyst at Commerzbank in Frankfurt, told the Reuters Global Oil Forum, adding that an output cut of 1 million bpd would be necessary to shore up prices.

Iran and major powers are set to hold talks in coming days in Vienna, Iran's foreign ministry said on Wednesday, in a sign that negotiations on the country's nuclear programme are keeping momentum.

(By Barani Krishnan, Additional reporting by Keith Wallis in Singapore; Editing by Christopher Johnson, William Hardy and Gunna Dickson)