COMMERZBANK

Oil hovered near $80 a barrel on Thursday, after earlier hitting a six-week low as fears that Greece's economic crisis may spread to other European nations raised uncertainty over future global energy demand. The euro fell to a 14-month low, while the U.S. dollar strengthened as skepticism that Greece could deliver on its promises of strict austerity measures dominated financial markets.

Oil tried to sustain forays above $81 with Brent briefly jumping over $1 as confidence over a deal to help debt-ridden Greece was tempered by worries the global recovery could still falter and keep crude demand weak.

Deutsche Bank on Saturday denied a magazine report that its financing of a Greek trade deal seven years ago was questionable.

Commerzbank said it expected 2010 to be a difficult year after posting a worse-than-expected fourth-quarter loss, hit by weak trading results and higher loan loss provisions.

Oil dipped below $73 in choppy trade on Wednesday after OPEC trimmed its 2010 global demand growth forecast and as the dollar strengthened against the euro.

Oil dipped below $74 in choppy trade on Wednesday after OPEC trimmed its 2010 global demand growth forecast.

The euro rose on Tuesday on speculation that European Union nations could bail out errant member Greece, while global stocks were flat and emerging market shares climbed.

Oil fell below $73 a barrel on Friday, extending losses after its biggest one-day fall since July, and as the U.S. dollar hit a seven-month high against a basket of currencies.

Oil consolidated around $73 per barrel on Monday, stabilizing after three weeks of falls, with the outlook still clouded by concerns over the prospects for global growth and sluggish fuel demand.

Commerzbank's Chief Executive cautiously welcomed Barack Obama's proposals for tougher banking rules, as politicians and regulators accuse bankers of dragging their feet on financial reform.

Oil rallied above $78 per barrel on Monday, snapping a five-day losing streak as the dollar eased against a basket of currencies, but concern over the outlook for energy demand and economic recovery weighed on the market.

U.S. federal fund futures rose for the second day in a row on Friday as investors continued to push back expectations for the timing of a Federal Reserve interest rate hike on the back of a benign inflation report.

Oil rose to $81 a barrel on Monday, the highest in more than two months, on news that Russia has halted oil supplies to Belarus and on cold weather in the United States.

The interbank cost of borrowing dollars and euros held near record lows on Monday as the market prepared for a U.S. policy decision and the final chance to get cheap one-year money from the ECB.

U.S. crude for January delivery rose 28 cents to $70.95 a barrel by 1537 GMT (10:37 a.m. EST), after losing almost $2 in its sixth straight day of losses on Wednesday, when it hit the lowest since early October at $70.13.

Oil rose above $71 a barrel on Thursday, recovering after falling more than 2 percent in the previous session, supported by a weaker dollar and rising equities.

Oil climbed toward $78 a barrel on Tuesday, adding to the previous session's advance, as concern eased that Dubai's debt problems would set back the global economic recovery.

The dollar slipped on Monday as traders took a lack of agreement on currencies among Asian and U.S. leaders as a cue to sell the greenback, even as speculation of a near-term yuan appreciation cooled.

Oil rose above $80 a barrel on Wednesday, extending the previous session's near 2 percent gain, following a U.S. industry report showing an unexpected fall in crude stocks and supported by a weaker dollar.

Oil fell more than $1 per barrel toward $77 on Tuesday as the dollar rose against a basket of currencies and as stock markets slipped in Europe and Asia.

Europe's largest carmaker Volkswagen said business remained tough after third-quarter earnings plunged on Thursday, while Japan's Mazda predicted a smaller full-year operating loss.