Concerns about crude oil continue

Oil prices hit record highs again Wednesday, amid continuing concerns about the supply of crude oil.

In New York, crude oil for future delivery hit an all-time high of $51.48 a barrel in early trading.

The oil industry is still recovering from Hurricane Ivan's 15-meter waves and 265-kilometer per hour winds, which damaged dozens of oil derricks and production facilities along the U.S. Gulf Coast, says Voice of America.

In London Brent North Sea &to=http:// ' target=_blank>crude oil for November delivery gained 42 cents to 47.55 dollars a barrel, also a new all-time summit.

"There is a grim realization that there is a chronic shortage of light sweet crude in the world," said Investec Securities analyst Bruce Evers.

"Real panic is setting in, and the hurricane-related bad weather is still causing a backlog in U.S. imports, so this afternoon's results will be interesting to say the least," Evers said, referring to weekly estimates of U.S. commercial crude oil inventories and imports, reports Tehran Times.

&to=http:// ' target=_blank>Nigeria, which exports around 2.6 million barrels of crude per day, was meanwhile set to face a fuel price strike after talks between the Nigerian government and trade unions broke down on Wednesday.

The Nigeria Labour Congress (NLC) has warned that its members will stage a general strike from Monday in protest at recent petrol price increases, a move which could hit crude production in Africa's largest oil exporter.

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