Strike threatens to push oil to $60pb

The price of Brent crude oil reached a new record high in London yesterday before easing slightly, as analysts warned a looming strike in Nigeria could drive prices up to $60 a barrel.

The price of Brent North Sea crude oil for delivery in November reached a record summit of $49.30, breaking the previous peak of $49.20 set on Thursday. The contract then dipped 10 cents to $48.80 in early afternoon deals.

In New York, the price of reference light sweet crude for November delivery slipped 31 cents to $52.36 a barrel in electronic trading.