LONDON (Reuters) - Oil prices recovered a little on Monday, rising above $76 a barrel as the dollar weakened, but investors kept a wary eye on debt-laden Dubai and its impact on the global economy.
Signs of a sluggish recovery in oil demand and high fuel stockpiles in the United States have kept a lid on crude prices, which are set for a fall of around 0.5 percent this month, their first decline since July.
But hopes that the debt crisis in Dubai might be contained encouraged something of a relief rally on Monday.
"The Dubai situation should not have a big impact on the oil market," said David Wech, analyst at JBC Energy in Vienna.
U.S. light crude oil futures for January were up 5 cents at $76.10 a barrel by 1135 GMT. London Brent crude gained 7 cents to $77.25.
LONDON (Reuters) - Oil prices recovered a little on Monday, rising above $76 a barrel as the dollar weakened, but investors kept a wary eye on debt-laden Dubai and its impact on the global economy.
Signs of a sluggish recovery in oil demand and high fuel stockpiles in the United States have kept a lid on crude prices, which are set for a fall of around 0.5 percent this month, their first decline since July.
But hopes that the debt crisis in Dubai might be contained encouraged something of a relief rally on Monday.
"The Dubai situation should not have a big impact on the oil market," said David Wech, analyst at JBC Energy in Vienna.
U.S. light crude oil futures for January were up 5 cents at $76.10 a barrel by 1135 GMT. London Brent crude gained 7 cents to $77.25.
