NYMEX-Crude higher as rescue package lifts markets

                                
 * Euro rallies on aid package, helps lift oil
                                
 * Equities bounce on rescue aid, adds lift to oil
                                
 * Coming up: Industry oil inventory report on Tuesday
                                
 NEW YORK, May 10 (Reuters) - U.S. crude futures rose sharply on Monday
on news the huge rescue aid package attempting to stem the euro zone debt
crisis that had rattled commodities and equities markets last week.
                                
 The euro rallied from last week's 14-month low against the dollar on
Monday after policymakers agreed on a $1 trillion emergency package to
stabilize the euro and euro zone central banks began buying local
government debt. [USD/]
                                
 "This policy response is expected to stabilize markets which had been
roiled by the threat of contagion from Greece's government funding crisis.
(Not surprisingly), commodities have also benefited, with oil prices
benefiting in tandem with metals and other commodities," said J.P. Morgan's
Lawrence Eagles in New York.
                                
 U.S. stocks surged at the on Monday opening as the rescue package eased
contagion concerns. [ID:nN10202983]
                                
 The U.S. job market strengthened in April for the eighth straight month
but at a slower rate, the Conference Board, a private research group, said.
[ID:nNLLAGE62H]
                                
 Crude futures prices started last week posting an $87.15 intraday high
on Monday that eclipsed the previous 2010 peak of $87.09 struck on April 6
and was the highest front-month crude price since $89.82 was struck on Oct.
9, 2008.
                                
 Then four down days left front-month crude prices down $11.04, or 12.81
percent for the week, the biggest weekly percentage loss since the week to
Dec. 19, 2008, when the percentage loss was 26.82 percent, according to
Reuters data.
                                
 China's crude oil imports rose 31 percent in April from a year earlier
to a record 5.15 million barrels per day, preliminary trade data showed.
[ID:nTOE64907Y]
                                
 PRICES
                                
 * On the New York Mercantile Exchange at 10:14 a.m. EDT (1414 GMT),
June crude <CLM0> was up $2.11, or 2.81 percent, at $77.22 a barrel,
trading from $75.80 to $78.51.
                                
 * In London on the Intercontinental Exchange, June Brent crude <LCOM0>
rose $2.38, or 3.04 percent, at $80.65 a barrel, trading from $78.89 to
$81.76.
                                
 * NYMEX June RBOB <RBM0> rose 5.37 cents, or 2.53 percent, at $2.1788 a
gallon, trading from $2.1021 to $2.1884.
                                
 * NYMEX June heating oil <HOM0> rose 5.51 cents, or 2.65 percent at
$2.1346 a gallon, trading from $2.0851 to $2.1648.
                                
 * The June/June heating oil crack spread <0#CL-HO=R> was at $12.58 a
barrel. The spread ended Friday at $12.23. The June/June RBOB crack spread
<0#RB-CL=R> was at $14.32. The spread ended Friday at $14.14.
                                
 * The spread between the current front month and the five-year forward
crude contract <CLc61> was at $14.11, based on the June 2015 contract
Friday settlement at $91.33. The spread ended Friday at $16.22.
                                
 TECHNICALS
                                
 NYMEX crude 10-day/20-day moving average: $81.50/$82.76
                                
 Technical support/resistance:
                                
 NYMEX crude: $75.10/$78.00
                                
 NYMEX heating oil: $2.05/$2.21
                                
 NYMEX RBOB: $2.10/$2.23
                                
 For a full report on technicals, click on [ID:nLDE6491Z5]
                                
 MARKET NEWS
                                
 * The Louisiana Offshore Oil Port said there was no operational impact
from the oil spill. [ID:nN10207733]
                                
 * Israel is primed to wage war on Iran, a deputy to Prime Minister
Benjamin Netanyahu said on Monday. [ID:nLDE6491ET]
                                
 * Saudi Arabia will supply full volumes to at least seven Asian clients
in June, steady from May. [ID:nTOE6480L0]
                                
 * The the Gulf of Mexico oil spill threatened Louisiana shores west of
the Mississippi Delta as BP Plc <BP.L> said it tries multiple options to
control the leak. [ID:nN10167750]
 (Reporting by Robert Gibbons; Editing by John Picinich)