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Oil: Oil prices surged back above US$ 80 a barrel in Asian trade late last week on news the United States has emerged from a long and painful recession after posting its strongest growth in two years. New York’s main contract, light sweet crude for December delivery, was trading at $80.08 in morning trade, up 21 cents from the previous day. Brent North Sea crude for December was up 10 cents to US$78.14.

The rise was the biggest since the 2007 third quarter, when the subprime mortga ...