Oil remains above $80 in Asian trade.
World oil prices remained above $80 a barrel in Asian trade Monday as euro gained over speculation of a quick Greek bailout. Light sweet crude for March delivery was seen trading at $80.39 a barrel at 11.30 a.m while Brent crude was at $78.86 a barrel at the same time. Analysts said the euro gained while Dollar Index fell against a basket of currencies as investors reassessed chances of an earlier-than-expected interest rate hike by the US fed amid speculation of a quick bailout for Greece.
Concerns about an extended refinery strike in France and escalating tensions over Iran's nuclear program also lent support to oil prices, they said.
Oil prices rose 7.7 percent rise on the week, their largest single-week percentage gain for front-month crude since October, thanks to a combination of positive economic data and growing tensions over sanctions against Iran.
On Friday, March delivery added 75 cents to $79.81 a barrel on the New York Mercantile Exchange while Brent crude fell six cents to $77.72 per barrel on the ICE futures exchange.