* U.S. crude stockpiles seen down as imports dip
* API data shows surprise rise in crude stocks
* Coming Up: EIA oil inventory data; 1530 GMT
(Updates prices)
By Florence Tan
SINGAPORE, Nov 24 (Reuters) - Oil rose to near $82 on
Wednesday, rebounding from losses in the previous session, on
expectations of improved demand in top consumer United States.
Weekly data from the United States is expected to show a
drop in crude oil inventories last week, reflecting strong
demand, although data from an industry body showed a rise in
crude stocks.
U.S. crude for January <CLc1> rose 50 cents to $81.75 a
barrel at 0733 GMT, after it slipped on Tuesday in choppy
trading. ICE Brent <LCOc1> was up 45 cents to $83.70 a barrel.
Commodities have been pounded recently by a
stronger dollar and risk aversion amid euro zone debt worries
and tensions in the Korean Peninsula. Oil recorded weekly
losses in two of the last three weeks.
The sharp fall in oil prices has provided a good chance
for investors to buy on dips, said Tetsu Emori, a fund manager
at Tokyo-based Astmax Co Ltd.
"The U.S. currency policy is quite obvious - pushing down
the dollar to sustain the economy by encouraging exports," he
said, adding that oil has a strong support at $80 a barrel and
could reach $90 by early next year.
"In the medium to long term, the market is still in a good
position for investors."
However, buying interest may not be strong now as
investors are still closely watching the situations in Europe
and the Koreas, Emori said.
The dollar index edged down 0.23 percent, after
posting its strongest rise in over a month on Tuesday as North
Korea's shelling of a South Korean island and the Irish debt
crisis enhanced the currency's safe-haven appeal.[]
OIL STOCKS EYED
Investors are awaiting data from the U.S. Energy
Information Administration due later on Wednesday, which is
expected to show an improvement in oil demand, for trading
cues.
"The U.S. inventory level is getting into a much better
shape than half a year ago and refinery runs are recovering at
the moment. Oil demand in the U.S. is getting better," Emori
said.
Crude stocks likely fell for a third week last week as
imports declined, a Reuters poll showed.
However, industry group the American Petroleum Institute
reported late on Tuesday an unexpected 5.2 million barrels
increase in U.S. crude stocks on rising imports in the week to
Nov. 19.
"Crude oil inventories are adequate and they are reducing
imports ... as soon as crude oil inventories reach the same
level as last year, fundamentals should support prices," Emori
said.
The API said gasoline stocks fell 499,000 barrels and
distillate stocks fell 311,000 barrels.
That compared with a Reuters poll for a 1.2 million barrel
decline in distillate stockpiles and a 600,000 barrel drawdown
in gasoline supplies.
(Editing by Himani Sarkar)
