* Oil above $80 all of April, first time since Sept 2008
* For short-term technical outlook on oil, []
* Coming Up: U.S. first-quarter GDP; 1230 GMT
(Updates throughout, changes dateline, pvs SINGAPORE)
By Christopher Johnson
LONDON, April 30 (Reuters) - Oil rose on Friday, heading for
a third straight monthly gain, driven by expectations of global
economic recovery and hopes of a bailout package to help Greece
avoid debt default.
Benchmark U.S. crude futures have risen around 2.5 percent
this month despite bulging U.S. oil inventories, Greece's fiscal
troubles, Iceland's volcanic eruption, a lawsuit against Goldman
Sachs and the likelihood of tighter financial market regulation.
Greece is preparing severe austerity measures to secure an
aid package, easing fears the debt crisis would spread across
Europe and boosting the euro [] []
U.S. crude for June rose 67 cents to $85.84 a barrel by 0738
GMT, not far below an 18-month high of $87.09 hit on April 6.
April is set to be the first month since September 2008 when the
front-month contract traded continuously above $80 a barrel.
ICE Brent crude for June <LCOc1> gained 42 cents to $87.32
and was trading about $1.50 above U.S. benchmark West Texas
Intermediate crude. WTI had traded at discounts of more than $3
to Brent earlier this week under pressure from soaring
inventories at the Cushing, Oklahoma delivery hub.
Crude stored at the Cushing pricing point rose by 1.2
million barrels to 36.8 million barrels in the week to April 27,
according to a report on Thursday from energy industry data
provider Genscape. That was the highest level since the company
began to report them in May 2009. []
U.S. DATA
Edward Meir, senior commodity analyst at brokers MF Global,
said markets had rallied over the past two days in anticipation
of a Greek bailout but could retrace when details were released.
"We very well could sell off again, especially if investors
do not perceive the aid to be robust enough," Meir said.
International Monetary Fund, European Union and European
Central Bank officials are in Athens to negotiate a bailout for
Greece and hope to wrap up a deal within days in an effort to
prevent the debt crisis from sinking other fragile EU countries.
Data at 1230 GMT will shed light on the pace of recovery of
the world's biggest economy when the U.S. Commerce Department
publishes its advance report on U.S. gross domestic product for
the first quarter.
Economists polled by Reuters have said U.S. economic growth
probably slowed in the first quarter, but resurgent consumer
spending should offer evidence of a sustainable recovery.
The poll suggests the U.S. economy expanded at a 3.4 percent
annual rate in the first three months of the year, a slowdown
from 5.6 percent logged in the fourth quarter when the economy
got a big lift as businesses curbed efforts to cut inventories.
"Theoretically, a higher-than-expected number should
cause....a somewhat stronger dollar, and pressure on commodity
prices," Meir said. "On the other hand, a lower-than-expected
number should theoretically weaken the dollar and send commodity
prices higher."
U.S. federal prosecutors in New York have begun
investigating Goldman Sachs Group Inc <GS.N>, raising the
possibility of criminal charges against the company or its
employees, a source familiar with the situation said on
Thursday. []
(Additional reporting by Alejandro Barbajosa in Singapore;
editing by Keiron Henderson)
