Oil prices set new record over $51

Oil prices have hit new record highs on worries about a lengthy reduction in US crude supplies after Hurricane Ivan.

Oil prices have hit new record highs on worries about a lengthy reduction in US crude supplies after Hurricane Ivan.

US crude beat yesterday's record of $51.29, rising 29 cents to a new high of $51.38 today, and London Brent climbed over today's $47.41 record, added 37 cents to a set a fresh peak of $47.50.

Oil production in the US Gulf of Mexico is down by about 450,000 barrels per day some three weeks after the hurricane.