Oil prices get over volcano and Goldman Sachs setbacks

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Benchmark crude for May delivery was up 69 cents to $82.14 a barrel at midday in Singapore in electronic trading on the New York Mercantile Exchange. Oil tumbled $1.79 to settle at $81.45 on Monday, after it fell $2.27 on Friday.

A rebound in stock markets helped boost crude prices. The Dow Jones industrial average rose 0.7% Monday as Citigroup reported better than expected earnings and revenue, and most Asian indexes gained today.

Oil traders often look to equities as a barometer of overall investor sentiment, and stocks dropped on Friday after the Securities and Exchange Commission said Goldman defrauded investors.

"The stock market proved that lawsuits and courts are no match for profits," Cameron Hanover said. "That took away one source of selling in oil."

Investors are also eyeing the volcanic ash that has stopped air traffic in most of Europe for five days. Some cities, such as Barcelona and Rome, were beginning to receive flights today, but most European airports remained shut.

In other Nymex trading in May contracts, heating oil rose 1.38 cents to $2.17 a gallon, and gasoline gained 0.74 cent to $2.26 a gallon. Natural gas jumped 1.7 cents to $3.96 per 1,000 cubic feet.

In London, Brent crude's June contract was up 56 cents at $84.79 on the ICE futures exchange.