Oil above $82 on positive news for Europe banks

Benchmark crude jumped $2.91, or 3.7 percent, to finish at $82.59 per barrel in New York, while Brent crude rose $3, or 2.9 percent, to end at $105.73 in London.Oil climbed for a second day after plummeting to 12-month lows earlier in the week. The fall came as credit problems in the eurozone rattled energy markets. Investors fear that a Greek default could spark a wider banking crisis that threatens the U.S. economy and weakens demand for oil.In an effort to deal with that the European Central Bank on Thursday offered new emergency loans to banks that could shield them from possible losses.Europes financial problems have scared many investors out of oil markets this year, said Tom Kloza, publisher and chief oil analyst at Oil Price Information Service. When Europes situation appears to improve, investors rush back in, lifting prices, Kloza said.A stronger Europe and world economy means demand for oil will rise.The US economy also showed signs of strength, as major retailers posted strong sales increases in September.In other energy commodities trading, heating oil rose 8 cents to finish at $2.86 per gallon and gasoline futures rose 12 cents to end at $2.69 per gallon. Natural gas rose 3 cents to end the day at $3.60 per 1,000 cubic feet.