Oil prices rose a dollar to above $77 a barrel, regaining most of last week’s 1.4% losses as the dollar drifted lower.

US crude futures for December delivery rose $1.18 to $77.53 a barrel by 09.09 GMT. London Brent crude gained $1.09 to $77.40.

Underlining views that global economic imbalances are reflected by the weakening dollar, the head of the International Monetary Fund said a stronger Chinese yuan was part of the reforms Beijing needed to implement to increase domestic consumption, reports Reuters.

The weaker dollar also helped push gold prices to a fresh record high on Monday.