* Dollar weakens after brief jump against yen
* U.S. Q3 GDP within expectations
* Coming up: U.S. Construction spending, 1400 GMT
(Updates prices, adds Saudi minister comments)
By Rebekah Kebede
PERTH, Nov 1 (Reuters) - Oil rose to nearly $82 on Monday,
buoyed by expectations that the U.S. Federal Reserve will
commit to a new round of monetary stimulus this week and prompt
further weakness in the dollar.
U.S. crude for December <CLc1> rose 43 cents to $81.86 a
barrel at 0346 GMT. ICE Brent <LCOc1> rose 13 cents to $83.28.
"The market is looking forward to the stimulus, or
quantitative easing," said Jonathan Barratt, managing director
of Commodity Broking Services in Sydney.
The U.S. Federal Reserve is widely expected to commit to a
fresh round of bond purchases known as quantitative easing to
pump more money into the sluggish U.S. economy.
A survey by the New York Federal Reserve of dealers and
investors included scenarios of up to $1 trillion, a figure
larger than recent estimates. []
Some analysts suggest that the Fed will start with $80 to
$100 billion a month, but leave itself the option to do more.
[]
Commodities are expected to remain strong as the dollar
weakens, which has supported oil prices for months, pulling oil
prices in October to a trading range between $80 and $85, up
from between $72 and $80 in September.
Saudi Arabia's oil minister said on Monday he hoped that
oil prices would stay where they are now, and that more oil
would be pumped to the market if needed. []
The U.S. dollar <.DXY> slipped against major currencies,
losing early gains against the yen, leading speculation of a
Japanese intervention. []
But the greenback quickly gave up its gains, with traders
saying the move was likely caused by a trading glitch rather
than intervention. []
But markets may be been overly optimistic about the Fed's
stimulus, according Commodity Broking Services' Barratt.
"We actually feeling that it won't be as aggressive as what
people expect, so we feel the market is heading itself up for a
little bit of a dump," he said.
U.S. economic growth data released Friday also underpinned
oil prices as data showed that the gross domestic product in
the world's biggest oil consumer inched up from the previous
quarter.
"U.S. GDP has come out in line with expectations and not
too bad. I think the markets are just coming off on the back of
that," Barratt said.
The U.S. economy grew at a 2.0 percent annual rate, up from
1.7 percent in the second quarter in line with expectations.
[]
Asian shares rose on Friday, boosted by unexpectedly strong
manufacturing data from China, the world's second-largest
economy.[]
(Editing by Ed Lane)
