Oil settled US$0.48 higher at US$41.25 a barrel after rising as high as US$41.80, its highest level since the 21-year record of US$42.45 hit on June 2.
Oil-related companies benefited, lifting the American Stock Exchange's oil index nearly 2 percent. Exxon Mobil, ChevronTexaco Corp and ConocoPhillips all hit 52-week highs during the session.
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