NEW YORK : Oil prices hit fresh record highs on Wednesday, with New York crude topping 94 dollars, after the Federal Reserve lowered interest rates and news of a surprise decline in US crude stocks.
New York's main futures contract, light sweet crude for delivery in December, soared 4.15 dollars to a record closing high of 94.53 a barrel, demolishing Monday's record of 93.80 dollars.
The New York contract earlier soared to a new intra-day peak of 94.74 dollars.
In London, Brent North Sea crude for December delivery jumped 3.19 dollars to settle at 90.63 dollars a barrel, also setting an intra-day all-time high, at 90.94 dollars.
Oil prices were boosted by the US Federal Reserve's decision to lower its base federal funds rate by a quarter of a percentage point to 4.50 percent.
The rate cut pushed the euro above 1.45 dollars for the first time, hitting 1.4504 dollars nearly an hour after the Fed's announcement. It had traded at 1.4441 dollars in New York on Tuesday.
A weak US unit encourages oil demand because it makes dollar-priced commodities cheaper for buyers using stronger currencies.
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