Oil price surges to $48.38

Oil prices continue to shoot up in the international market, as the NYMEX U.S. light crude oil for February series rose 34 cents to settle at $48.38 a barrel. The London Brent crude was up 5 cents to close at $45.15 per barrel.

The metal category saw the COMEX gold slip $2 to wind up at $423 an ounce.