Oil climbs above $94 as dollar woes persist

London: Oil edged higher to stand above $94 a barrel yesterday, 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 signalling 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.

US light crude was up 69 cents at $94.53 by 1242 GMT. It rose more than $1 in earlier trade to $95.15.

London Brent crude rose 55 cents at $92.17, off highs of $92.81.