* Prices buoyed by weaker dollar and signs of U.S. recovery
* Supported by stronger Asian shares after U.S. jobs data
* Money managers increase net NYMEX crude longs-CFTC
* Coming up: Euro zone March sentix index; 0930 GMT
By Osamu Tsukimori
TOKYO, March 8 (Reuters) - Oil extended gains toward $82 a
barrel on Monday, buoyed by a weaker dollar and signs of an
economic recovery in top oil consumer, the United States.
Traders and analysts say currency movements could dominate
oil prices as demand strength stays unclear during the
recovery.
The euro <EUR=> was higher on the U.S. dollar on Monday,
edging up to $1.3635 from $1.3611 late in New York, helped at
the margins by growing support for debt-laden Greece.
Crude for April delivery <CLc1> rose 48 cents to $81.98 a
barrel by 0306 GMT. On Friday, it rose as high as $82.07, the
highest since $82.34 marked on Jan. 12.
London Brent crude <LCOc1> was up 51 cents at $80.40.
New York crude has traded in a range of $69 to $84 over the
past few months amid uncertainty about the speed of the global
economic recovery.
"In the past few days, market moves have been led by
technicals," said Tomokazu Amano, analyst at Mitsubishi Corp
Futures & Securities in Tokyo.
"Now that $80 or higher is here to stay, we are seeing an
influx of speculative money from the funds and others."
Money managers extended their net long crude oil futures
position on the New York Mercantile Exchange in the week
through March 2, the Commodity Futures Trading Commission said
on Friday. []
The key speculator group hiked net long positions to
144,058 during the week, up from 132,504 in the week to Feb.
23.
Oil also got support from higher Asian shares. Japan's
Nikkei and South Korean shares rose more than 1 percent,
boosted by Friday's better than expected U.S. jobs data, with
exporters gaining on a weaker yen and resource-linked firms up
on gains in commodities prices.
In a bid to calm markets, French President Nicolas Sarkozy
promised Greece on Sunday that euro zone countries would help
it overcome its financial problems and vowed a crack down on
financial speculators Athens blames for its woes.
[]
On Wall Street, bulls may get more room to run this week on
the anniversary of the March 2009 lows -- if U.S. stock
investors see more signs of stability after Friday's rally on
smaller-than-expected job losses. []
Ecuador's oil minister Germanico Pinto told Reuters on
Friday there was no need for an output cut at OPEC's March 17
meeting in Vienna and that crude prices were "relatively
stable". []
Pinto, who holds the rotating presidency of the
Organization of Petroleum Exporting Countries this year, said
there was no plan to cut back production at the meeting.
Oil producers are pumping more crude than consumers need
but the oversupply is insufficient to have a big impact on the
market, Iran's OPEC governor said on Sunday. []
Oil market participants were also paying attention to the
election in Iraq. Bomb blasts and rocket and mortar fire killed
38 people as Iraqis voted on Sunday in an election they hoped
would distance their nascent democracy from years of sectarian
slaughter as U.S. troops pack up to leave. []
(Reporting by Osamu Tsukimori; Editing by Himani Sarkar and
Clarence Fernandez)
