* Lunar New Year holiday stifles trade across Asia
* U.S., Brent crude futures edge back after $1 plus gains
* European finance ministers meet on Greece
(Pvs SINGAPORE, releads, updates prices, adds quote)
By Jo Winterbottom
LONDON, Feb 16 (Reuters) - Oil skipped over $75 per barrel,
up more than $1, on Tuesday, responding to a euro struggling
higher against the dollar and supported by tensions over
pressure for more sanctions against Iran.
U.S. crude for March delivery <CLc1> touched a session high
of $75.23 per barrel, up $1.10, before easing back to be up 80
cents at $74.93 by 0931 GMT.
The benchmark Brent contract for April delivery <LCOc1> was
trading up 96 cents per barrel at $73.47 after having touched an
intra-day peak of $73.74 earlier.
Trading volumes continued light with much of Asia shut for
the Lunar New Year holiday and U.S. markets opening later after
Monday's closure for Presidents' Day.
"Macro pessimism is definitely fading away as long as a
resolution (to Greece's problems) is not far away," said Amrita
Sen, energy analyst at Barclays Capital.
"Geopolitical rumblings, especially Nigeria, in the
background are definitely helping prices," Sen added.
U.S. Secretary of State Hilary Clinton said Iran's
Revolutionary Guards are driving the world's fourth-largest oil
producer towards military dictatorship and should be targeted in
any new U.N. sanctions. []
In Nigeria, Acting President Goodluck Jonathan is looking
for swift progress reviving an amnesty programme in the
oil-producing Niger Delta where years of attacks by militants
have disrupted supplies. []
On the foreign exchange markets, the euro rose against the
dollar as European finance ministers put more pressure on Greece
to resolve its fiscal problems. []
But many investors remain cautious about buying the single
currency on uncertainty that debt problems in Greece will be
resolved quickly.
That kept the euro's gains fragile ahead of a meeting in
Brussels on Tuesday and the single currency was trading at
$1.3663, off a high of $1.3682.
Euro zone states have urged Greece to announce more
deficit-control steps by mid-March if needed as the country
tries to grapple with its huge debt. []
Oil, which went from a record in July 2008 above $147 to
less than $33 at the end of that year, has traded in a
relatively tight $15 range between $69 and $84 a barrel since
the beginning of October as expectations of an economic recovery
support prices near OPEC's comfort zone.
U.S. oil inventory reports will be published a day later
than usual this week because of Monday's holiday. The American
Petroleum Institute will release statistics collated from
industry on Wednesday, followed by government data from the
Energy Information Administration on Thursday.
(Additional reporting by Alejandro Barbajosa in Singapore;
editing by James Jukwey)
