Oil prices go over US$82 a barrel as US Fed cuts rates

Oil prices touched new highs and surpassed US$82 a barrel on news of a cut in interest rates by the Federal Reserve to boost the US economy. The Federal Reserve announced a cut in key interest rate to 4.75%, twice what most economists expected. New York's main futures contract, light sweet crude for October delivery, was trading at US$82.27 a barrel, up 76 cents from its close of US$81.51 in late US trades on Tuesday. Brent North Sea crude for November delivery rose to US$78.25 a barrel.