SINGAPORE (Commodity Online) : Global oil prices advanced in Asian trade Monday mainly on IMF's aid pack approval for Greece, that might boost energy demand.
Light sweet crude for June delivery was seen trading at 76.74 a barrel at 11.30 a.m Singapore time while Brent crude was at $ 79.76 a barrel at the same time in London.
The IMF on Sunday unanimously approved a 30 billion euro rescue loan for Greece, with 5.5 billion euros being provided immediately to stem a crisis that threatens other euro zone members.
The IMF's three-year loan program is part of a European-led 10 billion euro financing plan for Greece. The European Union will put up another 30 billion euro. Oil fell more than $11 or about 13 percent last week, the biggest weekly loss in almost a year and a half, on worries that the euro zone's debt crisis would derail the global economic recovery.
On Friday, June delivery plunged to $75.81 from $85.62 a week earlier. On London's Intercontinental Exchange, Brent North Sea crude for June delivery dived to $78.55 compared with $87.03.
The US dollar retreated about 0.7 percent against a basket of currencies on Monday as concerns eased about a Greek default.
A weaker dollar renders oil imports cheaper for emerging economies where demand is surging.The euro rallied in volatile Asian trade on Monday.