* EU deal rekindles some appetite for risk, boosts euro
* IMF approves 30 billion euro rescue loan for Greece
* Saudis to supply full crude volumes to Asia in June,
steady
* Coming Up: ECB President Trichet speech at BIS meeting;
TBA
* For a technical view of oil prices, see []
By Alejandro Barbajosa
TOKYO, May 10 (Reuters) - Oil prices rebounded above $76 on
Monday from the lowest in almost three months after the
European Union agreed to protect the bloc's debt-stricken
nations, boosting confidence energy demand will continue to
recover.
Ministers agreed to set up a 500 billion-euro ($670
billion) fund in the early hours of Monday, after the IMF
unanimously approved a 30 billion euro ($40 billion) rescue
loan for Greece a day earlier to stem a crisis that threatens
other euro zone members. [] []
U.S. crude for June delivery <CLc1> rose $1.59 to $76.70 a
barrel at 0142 GMT. ICE Brent crude for June <LCOc1> climbed
$1.48 to $79.75.
"It will take some time for events in Europe to play out
and uncertainty will remain in investors' minds going forward,
but the announcement of these packages allays some concerns
because contagion can be contained in the short term," said Ben
Westmore, a commodities analyst at National Australia Bank.
Crude prices fell more than $11 or about 13 percent last
week, the biggest weekly loss in almost a year and a half, on
worries that the euro zone's debt crisis would derail the
global economic recovery. Prices touched $87.15 a week ago, the
highest level in almost 19 months, before ending the week at
their lowest since mid-February.
"Oil probably sold off a bit too fast because you had a lot
of panic, but with the demand recovery in emerging Asia you
could see price returning to around $80," Westomore said.
The front-month contract had dropped $2 on Friday, rattled
by investor concerns about debt-stricken Greece's ability to
avoid default.
The dollar fell about 0.6 percent against a basket of
currencies <.DXY> on Monday after the euro bounced off 14
months lows in the previous session and S&P futures climbed,
anticipating a relief package from the EU that would calm
markets shaken by the European debt crisis.
"A stronger dollar was causing downward pressure on oil
prices, together with the uncertainties about the global
economic recovery," Westmore said.
A weaker dollar renders oil imports cheaper for emerging
economies, which account for most of the growth in demand
forecast for this year.
The latest EU deal consists of a mixture of loans and loan
guarantees totalling 440 billion euros, and 60 billion euros
through a European instrument that will be covered with EU
guarantees.
The emergency package will involve the participation of the
IMF. Officials said the the IMF's contribution could be about
220 billion euros.
News of the EU emergency fund also lifted Asian stocks,
sending Japan's Nikkei average 0.9 percent higher on Monday.
[]
Saudi Arabia, the world's top crude oil exporter, will
maintain full volumes to its main Asian customers next month,
suggesting it is content with current oil prices.
State oil firm Saudi Aramco informed at least four term
buyers in Asia over the weekend that it will supply full
contracted volumes of crude oil in June, steady from May
levels, industry sources said on Monday.
(Additional reporting by Osamu Tsukimori and James Topham.
Editing by Ed Lane)
