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Oil rises for first time in five days

By Bloomberg News
May 10, 2010

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Crude oil rose for the first time in five days on speculation an emergency fund being prepared by European policy makers will be sufficient to contain sovereign debt risks and help maintain growth in the region.

Oil prices will likely return to $80 to $85 a barrel once the debt crisis in Greece is resolved, Algeria’s energy minister, Chakib Khelil, said Saturday.

Crude oil for June delivery rose as much as $1.38 cents to $76.49 a barrel in after-hours trading on the New York Mercantile Exchange.

The contract fell on Friday as much as 3.4 percent to $74.51 a barrel, the lowest intraday price since Feb. 16.