* U.S. crude stocks seen up on imports despite hurricane
* Dollar stuck near 15-month lows on benign rate view
* U.S. retail sales surge on autos, manufacturing slows
By Fayen Wong
PERTH, Nov 17 (Reuters) - Oil clung on Tuesday to most of
its previous session gains of 3 percent, hovering near $79 a
barrel as Asian equities hit 15-month highs and investors
watched for the dollar and U.S. data to provide clues to fresh
direction.
Oil prices rallied on Monday as a weaker dollar encouraged
hedging activities, while better-than-expected U.S. consumer
spending data also buoyed hopes of energy demand recovery in
the world's largest oil consumer.
But with a heavy calendar of economic data due for the day,
analysts said traders were expected to take a cautious stance
and would probably hesitate to drive oil prices higher.
U.S. crude for December delivery eased 37 cents to $78.53 a
barrel by 0258 GMT. The contract settled $2.55 higher at $78.90
on Monday. London Brent crude <LCOc1> fell 38 cents to $78.38.
"The guidance is really going to come from the dollar and
the bunch of U.S. economic data due later tonight," said David
Moore, a commodities analyst at the Commonwealth Bank of
Australia.
Markets will watch for any comments on currencies when U.S.
President Barack Obama and Chinese President Hu Jintao make
statements, while a string of economic data from the United
States, including industrial output, producer prices and
redbook retail sales, will be at the top of traders'
watchlists.
Asian stocks rose to more than 15-month highs on Tuesday
after U.S. Federal Reserve Chairman Ben Bernanke repeated the
central bank was likely to hold interest rates at very low
levels for some time, keeping the dollar <.DXY> pinned near
15-month lows and gold close to record highs. []
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Traders will also keep their eyes peeled for U.S. fuel
inventory data, with industry group American Petroleum
Institute (API) releasing its report later on Tuesday and the
government agency U.S. Energy Information Administration (EIA)
to follow with its own figures on Wednesday.
U.S. crude oil inventories rose last week as imports
probably edged up, despite minimal disruptions in offloading
operations in the wake of Tropical Storm Ida, a preliminary
Reuters poll ahead of weekly inventory data showed on Monday.
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Distillate supplies, which include heating oil and diesel,
were forecast down 800,00 barrels on average.
While the recovery in oil demand in the world's No. 1
energy consumer appears choppy, oil use in China, the world's
second-largest oil-consuming nation, is on a gradual upswing.
Fuel stocks held by China's top two oil firms fell for the
third month in a row in October, showing more evidence of a
gradual revival in oil demand. []
Combined stocks of gasoline, diesel and kerosene held by
CNPC and Sinopec Group dropped by 5.0 percent in October from
September, while domestic sales rose 2.6 percent, an industry
official with knowledge of the data told Reuters on Monday.
(Editing by Clarence Fernandez)
