Oil soars, dollar falls - U.S. rate cut expected

US crude oil futures have hit record levels, topping $US 101 per barrel. Brent crude is hovering around $US 100 a barrel. This is on the back of the falling dollar. The greenback has fallen to new record lows versus all major currencies – below

It is happening on worries over the health of US economy as negative housing and consumer confidence data was released on Tuesday.

Prospects for more Federal Reserve interest rate cuts are also taking their toll.

Meanwhile, Russia's Central bank is expected to lower the dollar-rouble exchange rate to 24 roubles 19 kopecks per dollar, down from 24.45.