Electronic Journal of Differential Equations, Vol. 2009(2009), No. 69, pp. 1-16. Title: Existence of solutions for an Oldroyd model of viscoelastic fluids Authors: Geraldo M. de Araujo (Univ. Federal do Para, Brazil) Silvano B. de Menezes (Univ. Federal do Ceara, Brazil) Alexandro O. Marinho (Univ. Federal do Piaui, Brazil) Abstract: In this paper we investigate the unilateral problem for an Oldroyd model of a viscoelastic fluid. Using the penalty method, Faedo-Galerkin's approximation, and basic result from the theory of monotone operators, we establish the existence of weak solutions. Submitted October 20, 2008. Published June 01, 2009. Math Subject Classifications: 74H45. Key Words: Oldroyd equation; variable viscosity; penalty method.