Oil recovers above $80 in Asian trade
Global oil prices recovered in Asian trade Monday after dropped on weaker-than-expected US economic growth data last week, that overshadowed EU bailout plan. Light sweet crude for May delivery was seen trading at $80.47 a barrel at 11.30 a.m Singapore time while Brent crude was at $ 79.75 a barrel at the same time. Analysts said the black gold advanced on a weak dollar and also on positive Asian economic data"s that is to brighten the global economic outlook.
The dollar index .DXY was down 0.12 percent at 81.57 against a basket of currencies, while the euro jumped in early Asian trade on Monday on continued short covering by investors, extending broad gains made late last week after euro zone leaders approved a safety net for debt-laden Greece.
Positive economic data from Japan and South Korea also alleviated some of the concerns about slowing momentum in the global economy and buoyed investors' risk appetite.
An OPEC report last week said oil prices could stay in the $70-80 range over the next decade.
On Friday, New York's main contract, light sweet crude for delivery in May, dipped 53 US cents to settle at $80.00 a barrel while Brent crude for May fell 56 US cents to $79.05 per barrel.