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Oil surged to a record near US$110 a barrel overnight (NZ time) before a liquidity injection by the US Federal Reserve and other central banks brought things back a little.
US crude settled up 85 cents at US$108.75 a barrel after hitting US$109.72. London Brent crude rose $1.09 to US$105.25 a barrel, off a record US$105.82.
US oil has touched record highs for five straight sessions as investors flock into commodities markets to hedge against inflation and the weak US dollar.
- REUTERS
