NYMEX-Crude up sharply as stock markets rally

* US lays out plan to buy up to $1 trln in toxic assets

* U.S. and global stock markets rally

NEW YORK, March 23 (Reuters) - U.S. crude oil futures rose
on Monday, jumping above $53 a barrel as Wall Street and global
stock markets rallied on a U.S. plan to buy up so-called toxic
assets to tidy up bank balance sheets.

The NYMEX May crude contract, now in front-month position,
hit a 2009 intraday peak after seesawing at the start of the
open outcry floor session in New York.

"The market held support on last dip, the stock market is
supporting and products are firm again," said Tom Bentz,
analyst at BNP Paribas Commodity Futures Inc in New York.

U.S. stocks rose after the U.S. government released the
details of a plan to clean out toxic assets from banks' balance
sheets, seen as a key part of the government's efforts to
revitalize the recession-hit economy. [.N]

Stocks also received support from data showing U.S.
existing home sales rose in February. [ID:nNYZ000452]

PRICES

* On the New York Mercantile Exchange at 11:30 a.m. EDT
(1530 GMT), May crude CLK9 was up $1.56, or 3.0 percent, at
$53.63 a barrel, trading from $51.62 to $53.85, highest since
$54.62 was struck on Dec. 1, 2008.

* On Friday, expiring April crude CLJ9 went off the board
at $51.06, down 55 cents on the day.

* In London, May Brent LCOK9 crude rose $1.78, or 3.48
percent, to $53 a barrel, trading from $51.10 to $53.48.

* NYMEX April RBOB RBJ9 rose 4.32 cents, or 2.96 percent,
to $1.5002 a gallon, trading from $1.4533 to $1.5157.

* NYMEX April heating oil HOJ9 rose 5.94 cents, or 4.29,
percent, to $1.4428 a gallon, trading from $1.3825 to $1.4481,
above technical resistance charted at $1.4250.

* The May/May RBOB crack spread <0#RB-CL=R> was at $10.62 a
barrel. The May/May heating oil crack spread <0#CL-HO=R> was at
$7.87.

* The spread between the current front month and the
five-year forward crude contract CLc61 was at $22.34, based
on the May 2014 contract's Friday settlement at $75.97. The
spread ended at $24.74 on Friday.

TECHNICALS

NYMEX crude 10-day/20-day moving average: $48.11/$45.84

Technical support/resistance:

NYMEX crude: $50.47/$52.98

NYMEX heating oil: $1.33/$1.4250

NYMEX RBOB: $1.36/1.5181

For a report on technicals click [ID:nLN391221]

MARKET NEWS

* The U.S. Treasury Department detailed plans for
persuading private investors to help rid banks of up to $1
trillion in toxic assets. [ID:nSP429491]

* The U.S. dollar rose against the euro and maintained
gains against the yen after U.S. Treasury Secretary Timothy
Geithner said markets for banks' nonperforming assets are
'stuck' and that the government's programs are intended to
alleviate this. [USD/]

* Valero Energy Corp (VLO.N) said it was extending the
boiler maintenance, keeping its Delaware City, refinery shut
down until the beginning of May. [ID:nN23260415]

* Brazilian energy firm Petrobras' (PETR4.SA)(PBR.N) oil
workers began a five-day strike late Sunday. [ID:nN22545680]

* Russia can sustain and even raise output if oil prices
stay above $50, Russia's energy minister said. [ID:nLN200393]

* U.S. heating demand will average about 17 percent below
normal this week, the National Weather Service said. Heating
oil demand was expected to be about 1.2 percent below normal
this week, the report said. [ID:nN23375986]
(Reporting by Robert Gibbons; Editing by David Gregorio)