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Oil hits new high at $120 a barrel
AP Published in The Saudi Gazette on 29 - 04 - 2008

Oil prices hit an all-time high near $120 a barrel Monday after a weekend refinery strike closed a pipeline system that delivers a third of Britain's North Sea oil to refineries in the UK.
The shutdown comes amid supply outages in Nigeria that have helped to support oil against a strengthening dollar.
Light, sweet crude for June delivery rose to a record $119.93 a barrel in electronic trading on the New York Mercantile Exchange. The contract eased back to $119.04 a barrel by afternoon in Europe, up 52 cents from Friday's close of US$118.52. Brent crude futures rose 65 cents to $116.99 a barrel on the ICE Futures exchange in London.

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