NEW YORK: The price of oil struck a one year-high above $78 thanks to the weak US dollar and signs of a pick-up in energy demand, traders said. New York’s main contract, light sweet crude for November delivery, hit $78.17 a barrel on Friday — the highest level since October 14, 2008. “Markets could well test 80 dollars but in our opinion a correction next week is the likely scenario to back below $75 and even to the low $70s,” said Sucden Financial Research analyst Nimit Khamar. AFP

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