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Oil climbs towards $95 on U.S. dollar concerns Reuters Oil rose towards $95 a barrel on Monday, supported by a weak dollar and after some OPEC members pushed for action to stem their declining purchasing power. OPEC's heads of state summit in Riyadh ended on Sunday without signaling whether the producer group would agree to pump more oil at its December 5 policy meeting in Abu Dhabi. But of greater interest to investors was the push by Iran and Venezuela -- both locked in diplomatic rows with Washington -- for action to offset the falling value of their dollar-denominated oil revenues. U.S. light crude was up 77 cents at $94.61 by 5:52 a.m. EST. It rose more than $1 in earlier trade to $95.15.
London Brent crude rose 54 cents at $92.16 after rising to $92.81. "OPEC talk about prices being undervalued and its concerns with the falling dollar are all filtering into the market," said Mark Pervan of ANZ Bank in Melbourne.
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