Oil price soars to record high after Fed rate cut

NEW YORK (AFP)

In London, the price of Brent North Sea crude for November delivery advanced 61 cents to settle at 77.59 dollars per barrel.

Oil prices, which have streaked to record highs in recent days on concerns about tight supplies and rising demand, bolted again on news that Federal Reserve policymakers had cut the key federal funds rate by a hefty half point to 4.75 percent.