Oil prices rose today as the weak dollar provided support against concerns over debt-laden Dubai and its impact on the global economy.
US light crude oil futures for January were up 37 cents at $76.42 a barrel this evening. In London, Brent crude gained 28 cents to $77.46.
Signs of a sluggish recovery in oil demand and high fuel stockpiles in the US have kept a lid on crude prices, which are set for a fall of around 0.5% this month, their first decline since July.
But hopes that the debt crisis in Dubai might be contained encouraged something of a relief rally today.
The United Arab Emirates central bank yesterday guaranteed emergency liquidity for banks after global equity markets, as well as crude futures, slumped late last week.
