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Oil Sets New Record Ahead of Fed Meeting

NEW YORK -- Oil futures set another trading record and other energy futures rose Monday on expectations the Federal Reserve will cut the benchmark federal funds rate, a move the market expects will support the economy and ensure its thirst for oil and gasoline, according to the Associated Press.

Oil futures rose as high as $80.50 on Monday. Oil prices set several new records over $80 a barrel last week for a number of reasons, including perceptions that problems in the subprime mortgage industry would have a minor effect on the economy.

Posted by Peter C. T. Elsworth  at 2:19 PM to Crude oil market | Permalink

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