LONDON (AFP) - World oil prices rose to fresh high points above 55 dollars a barrel on markets worried about low supplies of crude amid strong demand with winter fast approaching in the northern hemisphere.
The price of reference light sweet crude for delivery in November climbed 40 cents to 55.33 dollars a barrel in electronic trading on the New York Mercantile Exchange. It later stood at 55.23 dollars in electronic deals, a rise of 30 cents on Friday's close.
New York's main crude oil price bolted to a record 55.00 dollars a barrel Friday, before closing at a record settlement of 54.93 dollars.
In London Brent North Sea crude oil for December delivery won 47 cents to 50.40 dollars in electronic deals on Monday. It later stood at 50.35 dollars in electronic trades.
Brent had hit a record 51.50 dollars a barrel last Tuesday ahead of expiry of the November contract.
With no major easing of supply shortage foreseeable, New York crude futures would continue to climb towards 60 dollars and beyond, said Gerard Rigby, Singapore-based deputy head of trading for China Aviation Oil.
"At some point these numbers are going to start hurting people quite severely and demand will be affected," he said.
"Sixty dollars is a psychological barrier but, if it hits 60, why not 70 dollars? Anything is possible in this market because there is no spare capacity."
World oil prices have nearly trebled from about 20 dollars a barrel in New York at the start of 2002, surging by almost 70 percent in New York since the start of this year.
Adjusted for inflation, however, they remain far below the levels reached in the wake of the 1979 Iranian revolution when prices surged to upwards of 80 dollars a barrel in today's money.