After European leaders offered concrete terms on loans to Greece, Crude oil for May delivery climbed above $85 a barrel in New York Monday.

Greece was offered $40 billion in loans by finance ministers of the 16-nation eurozone, which are likely to be backed up by $20 billion in loans from the International Monetary Fund.

Silvio Peruzzo, an economist at the Royal Bank of Scotland told The New York Times that the concrete numbers were just the kind of clarification investors were looking for.

On the New York Mercantile Exchange on Monday morning, the price of May delivery gained 23 cents from a prior settlement to $85.15 per barrel.

Adding 0.0153 cents, heating oil futures for May delivery were at $2.2413 per gallon.

Reformulated gasoline blend-stock prices rose 0.0248 cents to $2.3141 per gallon.

It was further reported that Henry Hub natural gas prices gained 0.07 cents to $4.14 per million British thermal units.

According to the reports of AAA, at the pump, the national average price for a gallon of unleaded gasoline fell to $2.86 per gallon Monday from Sunday's $2.863. (With Inputs from Agencies)