Oil Rebounds Above $77

Oil prices went above $77 after the EU agreed to protect the Eurozone’s debt-stricken nations, boosting confidence that energy demand will continue to improve.

For June delivery, US crude rose $2.47 at $77.58 a barrel by 2.43am ET, while London Brent crude increased $2.19 to $80.45, according to Reuters.

Ministers agreed to set up a $670bn emergency fund after the IMF unanimously approved a $40bn rescue loan for Greece a day earlier to tackle a crisis that threatens to affect other Eurozone members.

Crude suffered for more than $11 or about 13% last week on worries the Eurozone’s debt crisis would slow down the global economic recovery.