Crude oil prices climbed to more than $85 per barrel on the New York Mercantile Exchange

NEW YORK, April 29  Crude oil prices climbed to more than $85 per barrel on the New York Mercantile Exchange, as concern over Greek debt abated Thursday.The International Monetary Fund agreed to increase the size of loans to Greece by $100 billion to $160 billion, The New York Times reported. European markets rebounded.

Concern over Greece going into default has shaken markets for months on fears the euro would decline in value.June delivery crude oil gained $2.35 to $85.57 per barrel. Heating oil prices for June added 0.0347 cents to $2.2889 per gallon. Reformulated gasoline blendstock prices for June added 0.345 cents to $2.3675 per gallon. Henry Hub natural gas prices for June lost 0.356 cents to $3.992 per million British thermal units.At the pump, the national average price for unleaded gasoline was $2.877 per gallon Thursday, up from Tuesday’s $2.869, AAA said.(UPI)

SINGAPORE Oil prices hovered above $78 a barrel Friday in Asia amid mixed signals about global crude demand

SINGAPORE Oil prices hovered above $78 a barrel Friday in Asia amid mixed signals about global crude demand.Benchmark crude for April delivery was up 16 cents to $78.33 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $1.83 to settle at $78.17.

Oil prices have bobbed between $70 and $80 for most of the last six months as investors mull growing crude demand in developing countries such as China offset by flagging consumption in developed countries.Even a cold winter in the U.S. has failed to boost demand for heating oil.”The absence of any sustained seasonal draw in heating oil inventories is still striking,” Barclays Capital said in a report. “The inventory overhang remains stubbornly high.””We continue to expect strong demand growth from China in 2010.”

Crude prices were bolstered by a weaker U.S. dollar, as dollar-based commodities such as oil become cheaper for investors with other currencies when the dollar falls. The euro rose to $1.3585 on Friday from $1.3547 the previous day.In other Nymex trading in March contracts, heating oil fell 0.37 cent to $1.9825 a gallon, while gasoline rose 0.87 cent to $2.0457 a gallon. Natural gas prices gained 4.8 cents to $4.815 per 1,000 cubic feet.In London, Brent crude was up 10 cents at $76.39 on the ICE futures exchange.(AP)