Oil prices have increased to just under $77 a barrel today due to the weak dollar. Investors are keenly observing debt-burdened Dubai and its impact on the worldwide economy.
For January delivery, US light crude oil futures increased by 50¢ to $76.55 a barrel at 8:23am GMT, while London Brent crude increased by 56¢ to $77.74 a barrel, according to Reuters.
Crude prices in the US, which have been restricted by slow oil demand recovery and high fuel stockpiles, are expected to register a 0.5% decline this month, the first decrease since July.
Last week, financial markets were hit by Dubai's decision to request Dubai World and Nakheel for a standstill agreement to help the country restructure billions of dollars of debt.