* Weaker dollar, economic data supports oil prices
* U.S. stock markets rise on Greece hopes, data
* Coming up: key U.S. monthly jobs report on Friday
(Recasts, adds U.S. data, equities, updates prices)
By Joe Brock
LONDON, March 29 (Reuters) - Oil prices rose more than $2 a
barrel on Monday, supported by a weaker dollar and economic
optimism as strong data pushed U.S. equities higher.
The dollar index <.DXY> fell nearly half a percent against a
basket of currencies on Monday, increasing risk appetite and
boosting commodity prices, including oil.
U.S crude for May <CLc1> delivery rose $1.94 to $81.94 a
barrel by 1358 GMT. The contract settled down 53 cents at $80.00
per barrel on Friday, bringing weekly losses to 0.84 percent.
London Brent crude <LCOc1> gained $1.77 to $81.06.
"Oil is moving on the dollar," said Eugen Weinberg, oil
analyst at Commerzbank in Frankfurt.
"Equity markets are also higher but the dollar is much
weaker against the euro and that is dragging all commodities
higher," Weinberg added.
Strong U.S. and European economic data and robust Asian
indicators helped to lift equity markets and raise oil market
sentiment. []
U.S. stock markets opened higher after Greece launched a
sovereign bond issue, easing concerns about the country's debt
issues, while investors were optimistic about key jobs data due
later this week. []
Euro zone economic sentiment increased more than expected in
March while data showed that U.S. consumer spending rose in
February, adding to signs of economic recovery both sides of the
Atlantic. [] []
ECONOMIC SENTIMENT
China's annual economic growth will reach 12 percent this
quarter, a government researcher said, as economists raised
growth forecasts for the world's second-largest fuel user after
strong industrial output growth last month. []
Japanese retail sales jumped the most in 13 years in the
year to February due to the lingering effects of government
stimulus, while South Korea's current account swung back to a
surplus in February on brisk exports. []
[]
Having traded intra-day above $80 for the past 27 trading
sessions, some traders said oil prices appear to be ready for a
breakout from current levels.
However, with crude oil demand fundamentals continuing to
clash with the positive macroeconomic data, analysts said prices
could struggle to break out of the $84 mark -- the highest price
struck this year.
Oil prices could stay in the $70-$80 range over the next
decade, according to a report by OPEC released ahead of a major
oil conference this week which reiterated demand forecasts made
last year. []
Oil price volatility has dropped significantly and prices
have been holding to a tighter range. []
Money managers cut their net long position in crude oil
futures on the New York Mercantile Exchange in the week through
March 23, the Commodity Futures Trading Commission said on
Friday. []
The reduction came as U.S. crude futures fell slightly from
$81.97 a barrel on March 16 to $81.91 a barrel on March 23.
(Additional reporting by Fayen Wong in Perth; Editing by
William Hardy)
