Oil price hits record for the year

The price of oil hit a record high for the year Monday, topping $79 a barrel, foreign media reports.

Oil climbed to $79.35 in early trading Monday, amid hopes for the current third quarter corporate reporting season and cautious optimism that a pickup in the global economy will help to power energy demand.

In the meantime, the euro continued to edge up toward the key $1.50 mark, rising 0.2 percent to $1.4929 in early trading Monday.