* Global equities rise on U.S. data, Greece hopes
* Robust U.S. manufacturing, home sales data buoy sentiment
* Coming Up: April consumer data, API stocks report - Tues
(Updates throughout, previous SINGAPORE)
By Joe Brock
LONDON, April 26 (Reuters) - Oil edged higher on Monday with
Brent touching an 18-month high, as robust U.S. economic data
boosted hopes of a sustained recovery in the world's largest
energy user, but dollar strength capped oil's gains.
The U.S. dollar firmed against a basket of currencies on
Monday, keeping a lid on oil price gains, as dollar strength
makes commodities like oil more expensive for buyers holding
other currencies.
European stock markets rose on Monday after strong housing
and manufacturing data drove U.S. equity gains on Friday.
"I think more than anything strong equity markets are
supporting oil today," said Christopher Bellew, oil broker at
Bache Commodities.
"Robust U.S. data saw a Dow (Jones) rally and that's feeding
into European markets today."
U.S. crude for June delivery <CLc1> rose 9 cents to $85.21 a
barrel by 0833 GMT, after settling up $1.42 on Friday.
The front-month contract for London ICE Brent crude <LCOc1>
rose 19 cents to $87.44, after having touched $87.65 earlier in
the day, the highest price since early October 2008.
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http://graphics.thomsonreuters.com/gfx/WT_20102604125539.jpg
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Uncertainty over proposals to curb speculation in energy
markets could add to oil price volatility this week.
Some of the biggest players in U.S. energy markets have told
the Commodity Futures Trading Commission (CFTC) that its plans
to reduce speculation is misguided and will drive investors to
overseas and unregulated markets. []
The position limit proposal stems from the spike in oil
futures prices to a record of more than $147 a barrel in 2008.
Robust economic data lifted U.S. equities on Friday,
boosting expectations of a sustained recovery in the world's
largest energy user.
Sales of newly built U.S. single-family homes rebounded in
March to touch their highest level in eight months, as buyers
rushed into the market to take advantage of a homebuyer tax
credit, a government report showed. []
New orders for durable U.S. manufactured goods, excluding
transportation, also posted the largest gain in over two years
in March. []
Analysts said Friday's robust data, coupled with other
reports this month showing firming domestic demand, indicated
the recovery in the world's largest economy, so far seen as
moderate, was starting to take on a stronger tone.
Traders awaited cues from U.S. April consumer confidence
data on Tuesday as well as the outcome of the Federal Reserve's
two-day policy-setting meeting starting the same day.
Analysts widely expected the Fed to keep interest rates near
zero and stick to its pledge of low borrowing costs for an
extended period to foster the U.S. recovery.
(Additional reporting by Jennifer Tan, Alejandro Barbajosa and
Wang Tao in Singapore; Editing by Amanda Cooper)
(Reporting by Joe Brock; editing by xxxx)
