Crude prices surged to another record high near 82 dollars a barrel on Tuesday on concerns over tight supply in the United States.

A U.S. Federal Reserve decision to cut interest rates by 50 basis points also supported oil and other commodities.

Light, sweet crude for October was up 95 cents at 81.51 a barrel after hitting a record 81.90 dollars earlier in the session.

London Brent crude was up 54 cents at 77.52 dollars.