The rise in crude prices was also aided by an expected supply shortfall in the upcoming northern winter.

The dollar fell to record lows against the euro after the Federal Reserve cut rates by a quarter percentage point. The rate cut also boosted the attraction of commodities as an investment.

Nymex light, sweet crude recorded a new high of $96.24 a barrel in Asian trade and the ICE December Brent contract hit a record high of $91.71 a barrel, as market expectations of further gains to come.

US crude for December delivery rose by $1.27 to $95.80 a barrel in early electronic trading.

At 1224 GMT, the front-month December Brent contract on London''s ICE futures exchange was up $0.47 at $91.10 a barrel.

The ICE''s gasoil contract for November delivery was up $5.50 at $792.50 a metric ton, while Nymex gasoline for December delivery was up 225 points at 235.95 cents a gallon.

With exports from Mexico, a large supplier of crude oil to the US, delayed by severe weather conditions earlier this week, US inventories are expected to show a further fall.

Mexican state oil monopoly Petroleos Mexicanos said crude production more than 1 million barrels a day was shut earlier this week due to poor weather.