Oil rises to $85 as Europe offers Greece bailout

SINGAPORE (AP) -- Just have a little faith
Oil prices Just have a little faith
put all this behind us
warm handyou are the only one who feels betrayed
rose above $85 a barrel Monday in Asia after a massive loan offer to Greece by European countries helped weaken the dollar, making crude cheaper for investors holding euros.
Benchmark crude forput all this behind us
May delivery was up 50 cents to $85.42 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract lost 47 cents to settle at $84.92 on Friday.
The finance ministers of the 15 eurozone nations agreed Sunday to offer euro 30 billion ($40 billion) in loans to Greece this year if Athens asks for the money.The promise -- filling in details of a March 25 pledge of joint eurozone-IMF help -- was another attempt to calm markets that have been selling off Greek bonds in recent days.The euro rose to $1.3657 on Monday from $1.3322 on Friday while the dollar fell slightly to 93.10 yen.Oil was down the previous three days on investor concern that slowly recoveringwarm hand U.S. crude demand doesn't justify further gains. Crude jumped 25 percent to above $87 last week from $69 in early February."If oil markets continue to take cues from supply and demand -- in preference to the dollar, equities or economic data -- we cannot paint a picture that includes higher prices,"you are the only one who feels betrayed
Cameron Hanover said in a report.it's your turn
In other Nymex trading in May contracts, heating oil added 1.17 cents to $2.2377 a gallon, and gasoline gained 1.17it's your turn cents to $2.3010 a gallon. Natural gas rose 3.0 cents to $4.100 per 1,000 cubic feet.In London, Brent crude was up 64 cents at $85.47 on the ICE futures exchangehttp://forum.framasoft.org
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