Oil price rises continue to set records

OIL prices continued to set records yesterday as the markets scrambled over the $53 per barrel barrier for the first time.

Fresh worries over supply, caused by the onset of surging winter demand, coupled with ongoing negative sentiment over output from Nigeria, where a two-day strike by oil workers threatened to disrupt shipments, were behind the latest hike.

Nigeria is the biggest oil producer in Africa. Trading on New York's Nymex commodities exchange saw barrels changing hands at $53 before retreating slightly to $52.55 late yesterday, a gain of 1% in less than a day. In London, the benchmark Brent crude oil price also hit record highs of $49.20 per barrel. Prices later slipped to $48.70, up from $48 at the start of trading just hours beforehand.