Modified water-dilutable polymer oil imides containing carboxyl groups

A modified, water-dilutable olefin polymer oil imide resin wherein the olefin polymer oil portion has a molecular weight of from about 500 to 2500 and comprises at least 50% by weight of 1,4-cis-polybutadiene oil, and wherein the imide resin has a viscosity of from about 300 to 1500 m Pas as measured on a 50% solution (weight/weight) in butyl glycol at 25.degree. C. and the imide resin contains, per gram of resin, from about 2.0 to about 3.5 milliequivalents of carboxyl groups and from about 0.3 to 2.0 milliequivalents of imide groups wherein from about 10 to 40 milliequivalents out of 100 milliequivalents of the total milliequivalents of carboxyl groups and of imide groups being imide groups.