World oil prices have again shot up to record highs as news of a decline in heating oil inventories rattled traders in the runup to winter in the northern hemisphere.

New York's benchmark light sweet crude for delivery in November rose to 54.88 dollars a barrel Thursday before finishing at a record high closing price of 54.76 dollars, up 1.12 dollars on the day.

In London, Brent North Sea crude hit a high of 50.90 dollars and closed at 50.84 dollars, up 79 cents.