Crude oil prices rose above $78 a barrel on Monday, snapping a five session losing streak, as the dollar moved lower against major rivals.

Normal trading on the New York Mercantile Exchange was closed on Monday for Martin Luther King Day.

US crude for February delivery rose 25 cents to $78.25 a barrel at the end of electronic trading in New York. The NYMEX will issue an official settlement price on Tuesday.

Last week oil prices came under pressure as warmer weather moved through the US and as concern about sluggish demand lingered.

Weak economic data and disappointment about quarterly results from JP Morgan also pressured oil demand.

The group beat forecasts but issued cautious comments about the retail arm and higher provisions.

Gold for February delivery was trading up $1 at $1,131.50 per ounce in electronic trading.

On Friday Comex gold for February delivery declined $12.50 to settle at $1,130.50 an ounce as the dollar gained against major currencies and on news that China was tightening monetary policy.

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