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London - World oil prices rose on Monday as investor concerns about Dubai's debt crisis subsided, analysts said. The AFP report, the main futures New York, light sweet crude oil delivery in January, rose 32 cents to 76.37 dollars per barrel.

Oil Brent North Sea crude for January delivery rose 36 cents to 77.54 dollars per barrel in afternoon trading in London

"The news that the debt crisis in Dubai might be controlled by encouraging investor sentiment and pushed higher commodity market," said analysts at brokerage Sucden Financial Research in London.

"The market of crude oil recovered from losses last week and rose to 77 dollars a barrel, supported by the weak dollar and gains in Asian equity markets."

The central bank United Arab Emirates announced on Sunday that it provide additional liquidity to banks, amid fears about the global banking sector exposure to Dubai.

"It seems investors are digesting the news of Dubai, but we may expect another correction falls in equity and commodity markets if Dubai failed to overcome debt problems quickly," Sucden analyst added.

"Principals can market remained cautious before the additional news from the Middle East."

"However, the IMF said that he welcomed the UAE central bank measures to provide emergency assistance to banks, providing additional liquidity."

Government of Dubai has rocked global financial markets last Wednesday, when he announced that they want to freeze debt payments by major conglomerate Dubai World until at least May of next.

This announcement has triggered a steep decline in equity and oil markets around the world.

"I was calm," said Victor Shum, an analyst with energy consultancy Purvin and Gertz based in Singapore.

"Security of the various governments have returned some calm to financial markets and oil markets, so the price of oil has gone up from the settlement price on Friday," he said.

Shum added: "The fear that it would trigger a similar crisis began with the collapse of Lehman (Brothers) last year."

Dubai's debt crisis could give China a chance to snap up oil and gold assets to diversify foreign investment, writes a state-owned press publication quoted a senior official said in Shanghai on Monday.

"This may give China investment opportunities using a portion of foreign reserves to buy gold and oil reserves," said Ji Xiaonan, head of the supervisory board of Assets Supervision and Commission Administration of State Owned Enterprises Ji's comments appeared in the Economic Information Daily. (*) ( AFP)