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.