bond - How can the dipole moment of carbon monoxide be rationalised by molecular orbital theory?

Despite the fact that oxygen is much more electronegative than carbon, the bond in $\ce{CO}$ presents a weak dipole moment. This observation can easily be explained using the concept of "dative bond", that is, one bond is formed with two electrons from oxygen, producing a polarization $\ce{O\bond{->}C}$ which equilibrates the expected polarization $\ce{C->O}$. I would like to know if the molecular orbital model could be used to explain this phenomenon. Here's the diagram for $\ce{CO}$: