Oil up more than $1 on European growth

LONDON, May 13 (Reuters): Oil rose more than $1 Friday, taking benchmark US crude futures back above $100 per barrel, after much higher-than-expected growth in Germany and France and a rebound in the euro against the dollar. Energy markets have been on a roller-coaster ride over the last week as investors have reassessed the outlook for global growth and the risk of supply disruptions in the Middle East. Strong growth data from the euro zone Friday encouraged investors to move back into oil, which has tumbled more than $20 over the last week but recouped some of those losses. The growth figures helped boost the euro and depressed the dollar. DXY, which often moves inversely to oil because many forms of energy are priced in the US currency on international spot markets. US light crude oil futures for June rose $1.73 per barrel to a high of $100.70, before easing back to trade around $100.20 by 0850 GMT (4:50 a.m. EST). The contract has traded between $94.63 and $114.83 over the last two weeks with huge volatility each day. June Brent slipped to a low of $112.26 before rebounding to $114.92 and traded around $114.30 at 0850 GMT. "Very healthy numbers out of the euro zone this morning are supporting oil and have pushed the euro through key resistance against the dollar," said Robert Montefusco, commodities broker at Sucden Financial in London. "US crude is not far below its 100-day moving average at $100.81 and that's a target in the short term." The dollar index DXY, which measures the US currency against a basket of currencies, fell 0.5 per cent to 74.860, after hitting a three-week peak of 75.645 Thursday.