Crude oil prices rose to a record high of $95.80 a barrel in electronic trading Thursday, before slipping back, as the Federal Reserve's interest rate cut hurt the dollar and after the Energy Department reported a higher-than-expected drop in crude supplies.

The contract for December delivery was recently quoted at $95.40 a barrel, 87 cents higher than its close at $94.53 a barrel in regular trading on the New York Mercantile Exchange