* Stronger stock markets support sentiment [] []
* U.S. existing home sales fall less than expected
* Euro weak ahead of EU summit on Greek debt crisis
* Coming Up: U.S. weekly oil inventory data (2030 GMT)
(Updates detail, prices)
By Christopher Johnson
LONDON, March 23 (Reuters) - Oil prices rose to around $82
per barrel on Tuesday, bolstered by stronger stock markets after
housing data suggested the U.S. economy might be healthier than
expected.
Sales of existing U.S. homes fell less than forecast in
February, according to the National Association of Realtors in
figures that are closely watched for an indication of economic
activity in the world's biggest oil consumer. []
Stock markets rose after the data with the Dow Jones
industrial average <> up 0.4 percent and the FTSEurofirst
300 <> index of top European shares 0.5 percent higher.
U.S. crude for May delivery <CLc1> was up 48 cents at $82.08
a barrel by 1450 GMT. The April delivery contract expired on
Monday, settling up 57 cents at $81.25.
London Brent crude for May <LCOc1> rose 50 cents to $81.04.
"The tick up came after the housing data," said Christopher
Bellew, broker at Bache Commodities, who said oil was trading
inside a range that had defined trading for most of the last
month. He said the market was looking ahead to more data later.
The American Petroleum Institute (API) was due to release
its weekly inventory report at 2030 GMT and was expected to say
U.S. crude oil stocks rose 1.3 million barrels last week, a
preliminary Reuters poll showed.
Distillate stocks were expected to have eased by 1.1 million
barrels, while gasoline stocks were projected to fall 1.6
million barrels. []
Dealers said the API data could put a lid on oil prices.
"The market is expecting a build in crude inventories,"
Bellew said.
GREECE
Oil prices have traded above $83 on four occasions this
month, but have failed each time to hold the gains, partly due
to expectations of an oversupply of oil this year.
World oil demand is still well below its level in 2007,
before record prices and recession slashed consumption and
global oil inventories are well above their five-year average.
The strength of the dollar has helped hold down oil as
concern over Greece's debt crisis has pushed down the euro.
Commodities often move inversely to the dollar as they are
priced in the U.S. currency on international markets.
The euro fell against the dollar on Tuesday as uncertainty
over possible support for Greece continued in the run-up to an
EU summit later this week. []
Concerns that the EU may not reach a decision this week kept
the euro close to a three-week low hit on Monday and fanned risk
aversion, supporting safe-haven flows into the U.S. dollar.
The dollar index <.DXY>, a measure of its performance
against six other currencies, rose in early trade on Tuesday but
then eased back and was flat by 1450 GMT.
EU leaders will discuss the issue of a financial aid package
for Greece at a summit in Brussels on March 25-26, after Athens
said it could not deliver promised deficit cuts if its borrowing
costs remained so high, and that it may have to seek help from
the International Monetary Fund.
(Editing by Sue Thomas)
