LONDON/HOUSTON/SINGAPORE, July 31 (Reuters) - Oil inventories are beginning to fall in some regions as demand outpaces supply constrained by deep production cuts from OPEC leader Saudi Arabia, providing support for prices which are expected to rise in coming months. JP Morgan analysts said this month that oil inventories - which include crude and fuel products - now play a bigger role in determining oil prices than the U.S. dollar because Western sanctions on Russia have accelerated oil trading in other currencies. Stock declines have been geographically uneven so far, with inventory falls in the United States and Europe offset by increases in China and Japan. Weekly stocks of diesel, jet fuel and fuel oil in the five regions are also currently below their five-year averages. Crude inventories in Japan have added 25 million barrels, or 8%, since April to stand at their highest in nearly two years, according to Kayrros.

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Persons: Morgan, Christopher Haines, Cushing, Kayrros, Antoine Halff, Macquarie, Vikas Dwivedi, JP Morgan, Dwivedi, we've, Muyu Xu, Stephanie Kelly, Simon Webb, Kirsten Donovan Organizations: U.S, Energy, International Energy Agency, Organization of, Petroleum, OECD, OPEC, UBS, U.S . Energy Information Administration, Reuters Graphics Reuters, FGE Energy, United Arab, Reuters Graphics, Macquarie, Thomson Locations: HOUSTON, SINGAPORE, Saudi Arabia, Russia, United States, Europe, China, Japan, Saudi, Oklahoma, Singapore, Fujairah, United Arab Emirates, Mideast, Ukraine, Portugal, Reuters Graphics China, Iran, Venezuela, North Africa, Asia, New York