According to AFP, oil prices rose to new record highs on global markets as concerns about squeezed supplies were heightened by a storm threatening Gulf of Mexico installations. New York's main futures contract, light sweet crude for delivery in October, jumped 1.39 dollars to close at 83.32 dollars a barrel. The contract expired at the close. In London, the price of Brent North Sea crude for November delivery added 62 cents to settle at $79.09 a barrel, after earlier hitting an all-time high of 79.28 dollars. The price of New York crude has hit a series of record peaks in recent days, including Wednesday after the US Department of Energy (DoE) said crude oil reserves had tumbled last week, underscoring global supply tightness.