* S&P stock index extends gains on U.S. housing data
* U.S. gasoline demand rose 1.4 pct last wk: SpendingPulse
* Dollar gains ahead of EU summit on Greek debt crisis
* Coming up: US weekly oil inventory data (4:30 p.m. EDT)
(Adds detail and updates prices)
By Joshua Schneyer
NEW YORK, March 23 (Reuters) - Oil prices rose slightly to
near $82 a barrel on Tuesday as improving U.S. housing data and
a boost in stock prices offset a stronger dollar that has kept
oil from rising further.
U.S. crude for May delivery <CLc1> , a new monthly contract
that began trading on Tuesday, rose 31 cents a barrel to settle
at $81.91. London Brent crude for May <LCOc1> settled up 16
cents at $80.70 a barrel.
Boosting economic optimism in the world's biggest oil
consumer, sales of existing U.S. homes fell less than forecast
in February, according to the National Association of Realtors
on Tuesday. []
U.S. stock markets extended Monday's gains, with the S&P
500 index up 0.6 percent, helping to prop up commodities
prices. []
But a firming U.S. dollar helped to keep oil prices from
rising further, as concern over Greece's debt crisis pushed
down the euro amid uncertainty about who might step in to bail
out Greece. []
A summit scheduled for later this week has done little to
curb flight-to-safety and money continues to flow out of
commodities and into assets perceived as safe havens, such as
the dollar.
Commodities often move inversely to the dollar as they are
priced in the U.S. currency and become more expensive when the
dollar strengthens.
"We are paralleling the swings in the dollar and the
broader financial markets," said Gene McGillian of Tradition
Energy in Connecticut. "There's anemic demand for fuel, and we
haven't yet seen the (crude) inventory levels come down."
U.S. stockpiles of crude oil likely rose last week by 1.5
million barrels as imports rose and refiners kept demand
stable, according to an updated Reuters' poll of 16 analysts
published Tuesday. []
Industry group American Petroleum Institute will release
weekly U.S. oil supply data at 4:30 p.m. EDT (2030 GMT), while
the more authoritative U.S. Department of Energy weekly stocks
data is due early Wednesday.
Retail demand for gasoline in the United States, the largest
consumer, expanded 1.4 percent in the week to March 19,
according to a MasterCard SpendingPulse report issued Tuesday.
[]
Oil prices have traded in a range between $75 and $84 a
barrel so far this year and high global oil inventories have
prevented oil from rising more sharply even amid indications
that global economies are recovering from the worst recession
in decades, as fuel demand fails to recover at a similar pace.
Oil prices have traded above $83 on four occasions this
month, but failed to hold the gains, partly due to fears of
oversupply of oil. World oil demand remains well below its
level in 2007, before record prices and recession slashed
consumption and global oil inventories are well above their
five-year average.
(Additional reporting by Christopher Johnson in London;
Editing by Lisa Shumaker)
