Crude oil and gold prices surged to fresh highs Wednesday amid renewed dollar weakness as investors sought refuge from a second wave of credit turmoil.

West Texas Intermediate jumped more than $3 to a nominal record of $97.07 a barrel Tuesday and traders warned it might test the $100-a-barrel level as soon as Wednesday if US crude oil inventories show another weekly decline. After hours trading saw oil futures reach $98.03 a barrel.