Oil Surges to Another Record, Closing at $53.31 a Barrel

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rude oil in New York closed at its fourth record high this week, closing at $53.31 on the New York Mercantile Exchange, Bloomberg News reported.

It was oil's fifth record in six days. Oil had closed over $50 for the first time Oct. 1.

Light sweet crude oil for November delivery rose 64 cents Friday, in part because of the closure of a Louisiana offshore oil port that closed for a third time in a month as refiners struggled to boost supplies depleted by Hurricane Ivan, Bloomberg said. The port handles about 1 million barrels a day.

More bad weather could be on the way, as Bloomberg reported an area of low pressure in the Gulf may grow into a tropical depression, according to the National Hurricane Center in Miami.

Heating oil prices also rose Friday, which could point to new hikes in store for diesel, since the two distillate fuels' prices often track each other in high-demand months.

Heating oil for November delivery rose 1.81 cents to $1.449 a gallon, the eleventh intraday high in two weeks and highest intraday price since futures began trading on the Nymex in 1978, Bloomberg said.

Home heating oil will cost 28% more this winter than last, Bloomberg said, as the average retail price for heating oil rose to $1.824, the Department of Energy said.

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