Singapore, Mar 17: Oil prices surged to a new high in Asian trade on Monday of nearly $112 as the US currency slumped to a fresh low against the euro, sparking a rush of funds into commodities, dealers said.

In late afternoon trading, New York's main contract, light sweet crude for April delivery briefly traded at $111.80 a barrel before easing to $111.55.

The contract closed Friday during floor trading at the New York Mercantile Exchange at $110.21.

New York oil prices' latest record-setting mark came as the euro rose to a lifetime peak of $1.5905 in Asian trading Monday while the US currency fell to as low as 95.75 yen, a bottom not seen since September 1995.

The dollar's continued plunge has triggered a flood of funds into commodities such as oil which are seen as safe havens amid rising concerns over the US economy and financial turmoil from a global credit squeeze.