MW: Crude futures gain as dollar falls vs. rivals on Greek aid plan
Investors are awaiting data on U.S. consumer sentiment and fourth-quarter GDP
By Polya Lesova, MarketWatch
FRANKFURT (MarketWatch) -- Oil futures rose on Friday, as the euro advanced against the dollar after a contingency plan to help debt-laden Greece was agreed by European leaders, buoying commodity prices.
Crude oil for May delivery gained 76 cents, or 0.9%, to $81.29 a barrel in electronic trading on Globex. The contract finished marginally lower on Thursday.
"The E.U. agreed on an emergency plan for Greece, leading to an increased risk appetite, which weakens the U.S. dollar and boosts commodity prices," said analysts at Commerzbank AG in a note to clients.
The euro rose 0.8% to $1.3376 in recent trading. Under the plan agreed on Thursday, euro-zone members and the International Monetary Fund would jointly provide aid to Greece if needed. Details of the plan, including the size of any financial aid, remain unclear.
The greenback also declined against other major currencies, buoying demand for dollar-denominated commodities.
The dollar index (DXY 81.81, -0.31, -0.37%) , which measures the U.S. unit against a basket of six major currencies, fell 0.5% to 81.733.
Traders are awaiting the third report on fourth-quarter U.S. gross domestic product, which is due at 8:30 a.m. Eastern time.
Economists polled by MarketWatch expect growth to be revised down to 5.7% from 5.9%.
Later in the day, data on consumer sentiment for March from the University of Michigan will be released.
