Oil rose above $88 today, aided by a weaker dollar and cold weather in the US and Europe.

US crude for January contract, which expires on Monday, went up 56¢ to $88.26 a barrel by 11:41pm ET, and ICE Brent for February rose 48¢ to $92.08, according to reports from Reuters.

The dollar index .DXY fell 0.46% to 79.82, remaining well below its two-month high of 81.44 set in late November.

The market was left in consolidation mode after the dollar failed to push through the top of the trading ranges against the euro and yen, as operations wind down for the end of the year.

Crude prices also rose, nudged by unusually cold weather in the US and Europe.