Oil prices hit record high

Oil futures have set another trading record and other energy futures have risen, on expectations the US Federal Reserve will cut the benchmark federal funds rate. The move is expected to support the US economy and ensure its thirst for oil and gasoline.

Oil futures rose as high as 80.5 US dollars on Monday. Oil prices set several new records over 80 US dollars a barrel last week for a

number of reasons. These include perceptions that problems in the subprime mortgage industry would have only a minor effect on the economy. The nine-session rally reversed August's downward trend.

There had been concerns the subprime problems would spread, affecting the overall economy and curbing demand for petroleum products. Analysts say a Fed rate cut could add further buying momentum, depending on its size.