Updated from 1:12 p.m. EDT
Crude oil prices closed at a record high Monday for the fifth season in a row, following supply disruptions in the U.S. and Nigeria.
The November futures contract added 33 cents to $53.64 in regular floor trading on the Nymex.
Prices rose after Nigeria oil workers went on strike, joining a nationwide general strike, for four days.
And storm-ravaged operations in the Gulf of Mexico have been further disrupted by the shutdown of the biggest U.S. oil import terminal since Oct. 8 because of high wind and turbulent seas caused by Tropical Storm Matthew. The terminal was expected to reopen late Sunday or early Monday.
The November contract has closed at record highs four consecutive days in the latest leg of a one-of-a-kind rally since late April that has taken prices up from about $38 a barrel. The cost of a barrel of oil is currently up 60% this year alone, taxing big industrial users and, by some accounts, threatening the sustainability of the U.S. economic recovery. Some market watchers say prices will hit $60, if supplies continue to be disrupted.
Most recently, oil has been on an upward march for three weeks because of concerns about damaged production capacity along the U.S. Gulf Coast.