Oil above $78

World oil prices edged higher on Monday as traders paused for breath
after prices struck a one-year peak before the weekend. New York's
main contract, light sweet crude for November delivery, rose 24
cents to 78.77 dollars a barrel after ending Friday at 78.53
dollars, the highest closing level since October 2008. Brent North
Sea crude for December delivery added 25 cents to reach 77.24
dollars.