* Buyers emerge after steepest 3-day decline since mid-May
* Germany Q2 GDP, U.S. CPI, retail sales due later on
Friday
* Coming up: OPEC monthly report at 1000 GMT
* For a technical view, click: []
By Florence Tan
SINGAPORE, Aug 13 (Reuters) - Oil rebounded above $76 a
barrel on Friday on bargain hunting, recovering from the
steepest three-day decline since mid-May after support at $75
held.
Asia stocks also edged higher while the dollar slipped, as
markets across the board paused after sharp declines on fears
that economic growth across the world is faltering. []
"It's just a rebound. The main factors that drive the
market are still stocks and forex," Yusuke Seta, commodity
sales manager at Newedge Japan said.
Oil remained supported at $75 despite the fall from the
Aug. 4 high at $82.97, Seta said.
U.S. crude <CLc1> for September delivery rose 60 cents to
$76.34 by 0245 GMT, after a 7 percent fall in the past three
days that took prices to their lowest since July 19.
London Brent crude <LCOc1> was up 45 cents at $75.97 a
barrel.
A further rise to $77.20 for U.S. crude is possible, with
both the wave pattern and RSI indicator suggesting a possible
completion of the sharp decline, according to Reuters analyst
Wang Tao. []
For a graphic of the 24-hour technical outlook for crude:
http://graphics.thomsonreuters.com/WT/20101308090217.jpg
ECON WOES STILL WEIGH
Also providing some support for oil was a fall for the
dollar <.DXY>, off 0.25 percent on Friday at 82.431 after
rising 0.4 percent on Thursday.
However, the market is likely to stay cautious given that a
slew of U.S. indicators such as consumer price data as well as
July retail sales, and Germany's second-quarter GDP growth will
be released later on Friday.
Tokyo-based Mizuho Securities trader Ryuichi Sato said the
oil price rebound is likely to be temporary given that the
economic outlook remained weak and the peak gasoline demand
season in the U.S. is about to end.
"The market remains cautious about the downside," he said.
Germany's economy is likely to slow sharply in the third
quarter and grow sluggishly next year as stimulus measures
expire and budget cuts kick in, a Reuters poll of economists
showed on Wednesday. []
This may weaken the euro against the U.S. dollar and reduce
appetite for dollar-denominated oil in Europe, Newedge's Seta
said.
While fundamentals are still relatively weak, the hurricane
season may provide some upside, he added.
(Reporting by Florence Tan; Editing by Michael Urquhart)
