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VIENNA, Austria (AP) - Oil prices briefly are surging above $109 a barrel for the first time.
The rise comes as International Energy Agency is warning that there is unlikely to be much relief from current high oil prices because of brisk demand in China and other emerging markets.
Light, sweet crude for April delivery briefly climbed to $109.20 a barrel in electronic trading on the New York Mercantile Exchange by midday Tuesday in Europe.
The contract later fell back to $108.75 but that is still 54 cents above the previous high set on Monday.