* China crude imports surge 35 pct in Sept. from year
earlier
* Technical signals neutral for oil price []
* Coming Up: U.S. API weekly oil inventories; 2030 GMT
By Alejandro Barbajosa
SINGAPORE, Oct 13 (Reuters) - Oil rose past $82 on
Wednesday after China's imports jumped last month, while a
weaker dollar and expectations of economic stimulus by top
consumer the United States burnished the appeal of commodities
for investors.
U.S. crude for November <CLc1> rose 40 cents to $82.07 by
0350 GMT, while ICE Brent <LCOc1> gained 30 cents to $83.80.
China's September crude oil imports rose 35 percent from a
year earlier to a record 5.67 million barrels per day, customs
data showed on Wednesday, indicating demand from the world's
second-largest consumer is surging. [] Machinery
orders in Japan, the third-biggest user, posted a surprise jump
in August.
Wednesday's Asian data raised hopes the market would
re-balance as OPEC maintains production levels at a meeting
this week. Forecasts show U.S. crude inventories rose last
week, while stockpiles of oil products fell.
"Look at the developing economies, they are just
unstoppable," said Tony Nunan, a risk manager with Tokyo-based
Mitsubishi Corp.
"The story out of China indicates strong growth and that
means rising oil demand."
Automakers in China shipped 19.3 percent more passenger
cars to dealers in September from a year ago, the official
China Association of Automobile Manufacturers (CAAM) said on
Wednesday. []
The U.S. Federal Reserve on Tuesday released minutes from
its September meeting, which showed Fed officials believed the
struggling recovery might soon need further help, and discussed
how that might be done. []
"Markets are focusing on the bigger picture of expectations
for quantitative easing, and looking at commodities as a hedge
against a weaker dollar."
The greenback fell about 0.3 percent against a basket of
currencies on Wednesday as markets eye the Fed's next meeting
on Nov. 2-3 for confirmation stimulus will come before the end
of the year. <.DXY>
Japanese core machinery orders unexpectedly jumped in
August, climbing for a third straight month, despite worries
about the impact on corporate capital spending from the yen's
strength. Japan, the world's third-largest oil consumer, last
week cut interest rates to prop up its economy.
Oil ministers arriving in Vienna for OPEC's meeting on
Thursday, the first in seven months, signalled the producer
group would keep output targets steady. [] Saudi
Arabia's Ali al-Naimi this week said the oil market was "well
balanced".
U.S. crude inventories probably rose for a second week in a
row last week, adding 1.2 million barrels, a Reuters survey
showed, while stockpiles of distillates including heating oil
and diesel may have declined for a third straight week,
shedding 1.3 million barrels in the week to Oct. 8.
Gasoline supplies were also forecast to have slid for a
third week, down by 1 million barrels.
Industry group the American Petroleum Institute (API) will
issue its weekly inventory report on Wednesday at 2030 GMT,
followed by government statistics on stockpiles and demand from
the U.S. Energy Information Administration (EIA) on Thursday at
1500 GMT. Both reports come a day later than usual because of
Monday's Columbus Day holiday.
Japan's benchmark Nikkei average <> opened up 0.91
percent on Wednesday, after U.S. stocks rebounded and the
dollar eased a day earlier on news that policymakers at the
last meeting of the Federal Reserve suggested they were closer
to increasing money supply to revive a struggling U.S. economy.
[]
The Obama administration on Tuesday lifted its ban on
deepwater drilling seven weeks ahead of schedule, saying new
rules cut the risk of a repeat of the BP <BP.L> oil spill, the
worst ever to hit the United States. []
(Editing by Clarence Fernandez)
