Oil a whisker away from $US100

Oil prices have surged again and are just a whisker away from a hundred dollar a barrel. The rise follows America's Federal Reserve's decision to looks at cutting interest rates further.

U.S. crude oil hit a new record high of $US 99 a barrel in overnight trading, approaching the $US100 landmark.

The high price is due to a number of factors, including the declining dollar, news of refinery problems and speculation that the Fed will soon cut rates again.

Brent crude is now trading at just over $US95.