Oil hits record on Nigeria fears

LONDON (Reuters) – Oil prices have surged to new record highs near $50 for U.S. crude as Nigeria emerges as the latest focus for worries about supply security on world energy markets.

U.S. light crude gained 86 cents to $49.74 a barrel on Monday, the highest in 21 years of trade on the New York Mercantile Exchange contract. London Brent, the benchmark for European crude imports, rose 92 cents to a record $46.25 a barrel.