Oil price at new record high

5/6/2008 - 8:53:50 AM

Crude oil reached a new high above the US$120 US dollars a barrel mark today amid global supply concerns and a weakening dollar.

Light, sweet crude for June delivery reached $120.36 in electronic trading on the New York Mercantile Exchange.

Prices first broke through the $120 mark yesterday before settling slightly lower, but they renewed their push today.

Threats to supply have emerged from Iraq and Nigeria, and a weaker dollar against the euro and yen has tempted investors back to commodities such as oil as a hedge against inflation.