* 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 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 rose $2.38, or 3.04 percent, at $80.65 a barrel, trading from $78.89 to $81.76.
* NYMEX June RBOB rose 5.37 cents, or 2.53 percent, at $2.1788 a gallon, trading from $2.1021 to $2.1884.
* NYMEX June heating oil rose 5.51 cents, or 2.65 percent at $2.1346 a gallon, trading from $2.0851 to $2.1648.
