•Crude futures moved higher Monday as the emergency interest rate cut by the US Federal Reserve Sunday caused financial markets around the world to react sharply in all directions. In early Asian trading the selling of the dollar against other currencies to yet more lows prompted buyers to push NYMEX light crude to another all-time high trade of $111.80/barrel, before retracting slightly.

•"Essentially this is driven by the US interest rate cut," a London-based trader said. "The FOMC meet tomorrow and the market is expecting further cuts in the interest rate as well." The US Federal Reserve cut its primary credit rate by a quarter-point to 3.25% Sunday, just two days before its scheduled Federal Open Market Committee meeting.

•Other world equity markets dived on Monday as investors dumped both stocks and the dollar on fears more US banks could be vulnerable to the credit crisis that sank Bear Stearns. In Asia, Tokyo stocks plunged by more than 4.0% at one point before recovering some ground to close 3.7% lower, ending below the key 12,000 points level for the first time since August 2005.

Updated: March 17, 2008