Futures Movers: Oil futures tighten grip on $90-a-barrel level

By Sarah Turner, MarketWatch

SYDNEY (MarketWatch) ? Oil futures climbed further above the $90-a-barrel mark in Asia on Monday amid growing optimism for stronger action from European policy makers.

Crude for September delivery /quotes/zigman/2203153 CLU2 +0.32% ?rose 55 cents, or 0.6%, to $90.67 in electronic trading on Monday.

Oil futures rose 74 cents to $90.13 a barrel in regular trading in New York on Friday, after European leaders added their voices to the European Central Bank leader?s pledge to support the common currency bloc.

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Over the weekend, Eurogroup head Jean-Claude Juncker said the euro-zone members, their rescue fund and the European Central Bank will soon act to save the region?s currency, according to a report.

While the dollar index /quotes/zigman/1652083 DXY +0.23% ?moved slightly above late Friday?s 82.636 reading to 82.757 on Monday, it remained near a three-week low. Read more on currencies.

A weaker greenback is a positive for oil, as it makes the dollar-denominated commodity cheaper for holders of other currencies.

In the wider energy complex, August gasoline /quotes/zigman/2281496 RBQ2 +0.87% ?rose 2 cents to $82 a gallon.

August heating-oil /quotes/zigman/2281370 HOQ2 -0.24% /quotes/zigman/2281370 HOQ2 -0.24% traded flat at /quotes/zigman/2281370 HOQ2 -0.24% $2.89 a gallon and natural-gas /quotes/zigman/2199363 NGU12 +1.63% ?for August delivery advanced 4 cents to $3.05 per million British thermal units.

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US : U.S.: Nymex

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Volume: 809.00

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Volume: 941.00

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US : U.S.: Nymex

Volume: 941.00

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US : U.S.: Nymex

Volume: 941.00

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Volume: 1,236

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Sarah Turner is MarketWatch's bureau chief in Sydney.

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Source: http://www.marketwatch.com/news/story.asp?guid=%7BF121A876-D9FC-11E1-8194-002128049AD6%7D&siteid=rss

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