Oil prices rose on a weaker U.S. dollar.

Gains were limited by concerns over the global oil oversupply. A rise in U.S. crude inventories, Iran's expected comeback to the market and further interest rate hikes by the Fed weigh on oil prices.

News that Russia does not want to cooperate with the Organization of the Petroleum Exporting Countries (OPEC) also weighed on oil prices today.

OPEC said in its World Oil Outlook (WOO) on Friday that it expects oil prices to remain below $100 a barrel in the long-term period.

WTI crude oil for February delivery rose to $35.44 a barrel on the New York Mercantile Exchange.

Brent crude oil for January climbed to $37.58 a barrel on ICE Futures Europe.