Crude Oil traded above $80 a barrel on Monday as a 2-week rally had prices of the commodity hitting little resistance in their ascent. Further support came on short-covering ahead of the expiration of the March U.S. Crude Oil contract and from buying up of U.S. RBOB gasoline futures as the market gears up for the summer driving season in the United States.

Oil's gains came even as the Dollar edged up against the EUR as markets remained anxious about unresolved debt problems in Greece and a surprise rise in the Federal Reserve's emergency lending rate. Traders are now trying to anticipate whether the upward movement can sustain itself.