UPDATE 5-Oil rises above $80, US inventories fall

* U.S. crude stocks unexpectedly fall 4 million barrels

* Gold hits record high on weak dollar; supports commodities

* EIA weekly stock data, FOMC meeting statement eyed

(Recasts with U.S. inventory report)

By Joe Brock and Alex Lawler

LONDON, Nov 4 (Reuters) - Oil rose towards $81 a barrel on Wednesday, extending the previous session's gain, after a U.S. government report showed a surprise decline in crude stocks in the world's largest consumer.

The U.S. Energy Information Administration said in its report released at 1530 GMT that crude stocks fell by 4 million barrels in the latest week. Analysts expected inventories would rise by 1.4 million barrels. [EIA/S]

"On the surface it was a bullish surprise with a big draw in crude," said Mike Zarembski, senior commodities analyst for OptionsXpress.

U.S. crude for December CLc1 rose $1.20 to $80.80 a barrel by 1558 GMT, after settling up $1.47 on Tuesday. Brent crude LCOc1 added $1.08 to $79.19.