Oil rises above $80 as regional stocks gain (AP)

Oil prices rose above $77 a barrel Monday in Asia amid a weaker U.S. dollar and an improving global crude demand outlook next year.

Oil prices rose above $79 a barrel Monday in Asia as regional stock markets extended a rally from last week amid improving investor optimism.

Oil prices edged higher on Monday in light trading volumes, with gains capped by China's latest bid to cool down its booming economy, traders said.New York's main futures contract, light sweet crude for delivery in March, added 14 cents to 74.27 dollars a barrel.Brent North Sea crude for March delivery rose by just five cents to 72.95 dollars a barrel at 1245 GMT.Trading activity was subdued amid holidays across much of Asia, including China, and in the United States.

Oil prices rose above $99 a barrel Monday in Asia, taking a cue from gains in stock markets after a strong start to the U.S. holiday shopping season.Benchmark crude for January delivery was up $2.49 to ...