Oil Steadies After One-Year High Above $79

18 October 2009 (Last Updated October 18th, 2009 18:30)

Oil prices steadied after hitting a fresh 12-month high above $79 a barrel today, taking a break from seven straight sessions of gains. US crude for November delivery touched a fresh high of $79.05 in early trading, but pared some gains to be up 4¢ at $78.57 a barrel by 05.14 GMT, repor

Oil prices steadied after hitting a fresh 12-month high above $79 a barrel today, taking a break from seven straight sessions of gains.

US crude for November delivery touched a fresh high of $79.05 in early trading, but pared some gains to be up 4¢ at $78.57 a barrel by 05.14 GMT, reports Reuters.

London Brent crude rose 6¢ to $77.05.

Crude oil prices, which rose 9.4% last week, have surged 13%, or nearly $9 a barrel since 7 October, due to a weak US dollar.