Oil prices climb on weak dollar, supply concerns

Oil prices climbed on Monday as a weaker dollar and supply concerns ahead of the European Union embargo on Russian oil in December offset fears of a global recession that could dampen fuel demand.

Brent crude futures rose 60 cents, or 0.7 per cent, to $91.95 a barrel by 0330 GMT after settling up 0.5 per cent on Friday. U.S. West Texas Intermediate crude was at $85.50 a barrel, up 39 cents, or 0.5 per cent. The front-month contract expires on Tuesday.

Both contracts, which slid more than 1 per cent last week on concerns that another interest rate hike by the Federal Reserves could slow global growth, were supported by a weaker dollar which came off multi-year highs.