| Source: Reuters OIL hovered below $81 on Friday after data showed a jump in U.S. crude stocks but a drop in oil product inventories, leaving uncertainty over the strength of demand recovery in the world's largest energy user. U.S. crude for May delivery rose 2 cents $80.83 a barrel having traded in a range of between $69 and $84 for all of this year. ICE London Brent for May rose from 24 cents to $79.86. The euro weakened against the U.S. dollar again on Thursday, capping oil's gains. A stronger dollar makes commodities, like oil, more expensive for those holding alternative currencies. "There is a stickiness keeping prices above $80," said Amrita Sen, analyst at Barclays Capital. "I think the inventory data was pretty neutral. The headline figure on crude was bearish for the oil price but the product numbers were pretty strong." European economic concerns helped the euro fall to a 10-month low against the dollar as investors remained skeptical about whether the EU will agree on a quick rescue plan for heavily indebted Greece at a summit this week. U.S. crude inventory data was mixed on Wednesday as drops in oil product stocks offset some of the demand doubts raised by the larger-than-expected rise in crude inventories. Demand for crude in Europe weakened sharply in January, down by 1.55 million barrels per day from a year earlier, Barclays Capital said citing data published by the Joint Oil Data Initiative (JODI). European Union leaders hold what is likely to be a tense and difficult summit on Thursday, divided over how to help heavily indebted Greece and struggling to maintain confidence in the euro. Economic data in the euro zone painted a mixed picture, with manufacturing activity growing in March at its highest level since the end of 2006, but industrial orders in January fell, underscoring the fragility of the economic recovery. Japan's commercial crude inventories rose by four per cent last week to their highest level in almost eight months, industry data showed on Thursday, ahead of scheduled refinery maintenance in the coming months.
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