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OIL prices surged towards 100 dollars a barrel today on fresh supply fears over the weakness of the US dollar.

Crude oil for January delivery reached a peak of 99.29 dollars in Asian trading – breaking records set last week.

The price spike followed refining problems and predictions from the US Federal Reserve of slower than expected growth in the US next year.

A 10-day maintenance shutdown and a fire at two US refineries helped boost prices.