* Near $1 trillion rescue package calms global markets
* Dollar, gold slip, euro, risk appetite rise after deal
* Saudis to supply full crude volumes to Asia in June
* For a technical view of oil prices, see []
* Coming Up: U.S. employment figures at 1400 GMT
(Updates throughout, changes dateline, pvs TOKYO)
By Christopher Johnson
LONDON, May 10 (Reuters) - U.S. oil prices rallied above $78
on Monday from their lowest level in almost three months after
policymakers agreed an almost $1 trillion rescue package to
stabilise world markets and resolve the Greek debt crisis.
The size of the package, which included a 500-billion-euro
($670 billion) emergency fund and a 30 billion euro ($40
billion) IMF rescue loan for Greece, surprised financial markets
and boosted confidence that oil demand will recover this year.
[]
Global equities rallied more than 2 percent, the euro <EUR=>
rose and the dollar slipped against a basket of currencies
<.DXY> as news of the rescue package helped calm risk aversion.
[] []
"We expect that this will be enough to calm the frazzled
markets for now, and the stronger opening we are seeing in Asian
trading seems to confirm this view," said Edward Meir, analyst
at brokers MF Global.
Benchmark U.S. light crude oil futures for June delivery
<CLc1> were up $3.07 at $78.18 a barrel by 0809 GMT. ICE Brent
crude for June <LCOc1> also jumped $2.89 to $81.16.
Ben Westmore, a commodities analyst at National Australia
Bank, said it would take some time for events in Europe to play
out and uncertainty would remain in investors' minds.
"But the announcement of these packages allays some concerns
because contagion can be contained in the short term," he added.
"OVERPRODUCING"
Crude prices fell more than $11 last week, the biggest
weekly loss in almost a year and a half, on worries the euro
zone's debt crisis would derail the global economic recovery.
Prices touched $87.15 a week ago, their highest in almost 19
months, before ending the week at their lowest since February.
The front-month contract dropped $2 on Friday, rattled by
investor concerns about Greece's ability to avoid default.
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For a graph of crude oil futures and world stocks, click
http://graphics.thomsonreuters.com/gfx/ACO_20101005090033.jpg
For a graph of front-month crude contract volatility, click:
http://graphics.thomsonreuters.com/gfx/MBU_20101005114720.jpg
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OPEC's secretary-general said on Sunday global oil markets
were oversupplied, but it was too early to talk about the
producer group taking action to halt the sharp price fall
sparked by the euro zone debt crisis. []
"We have a lot of crude oil on land and offshore," Secretary
General Abdullah al-Badri told reporters in Doha.
"OPEC is overproducing, there is no doubt about it," he
added, urging greater compliance from OPEC producers with deep
curbs in production agreed in 2008.
The latest EU deal is a mix of loans and loan guarantees
totalling 440 billion euros, and 60 billion euros through a
European instrument to be covered with EU guarantees.
The emergency package will involve the IMF, with officials
saying its contribution could be about 220 billion euros.
Price charts show U.S. crude temporarily supported at $74.51
and expected to rebound to $78 as the drop last week was too
sharp not to be followed by a good rebound.
Saudi Arabia, the world's top crude oil exporter, will
maintain full volumes to main Asian customers next month,
suggesting it is content with oil prices. []
China imported 21.17 million tonnes of crude oil or 5.15
million barrels per day in April, a record high level on a daily
basis, according to data released by the customs department. The
import level was 31 percent higher than a year earlier, when
imports were at 16.17 million tonnes. []
(Additional reporting by Alejandro Barbajosa in Tokyo; editing
by Amanda Cooper)
