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U.S. crude oil sets new record above $120 a barrel

LONDON
Tue May 6, 2008 5:41am EDT

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The plant of Repsol YPF's refinery is seen in Cartagena, southeastern Spain in this January 29, 2008 file photo. REUTERS/Francisco Bonilla

LONDON (Reuters) - U.S. crude oil futures rose to a new record high for a second day on Tuesday, with crude oil futures for June delivery touching a record of $120.70 a barrel.

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London Brent crude oil futures set a new record of $119.03 a barrel.

Supply disruptions in Nigeria have helped push oil to new peaks. Royal Dutch Shell's production from Nigeria, for example, is down by about 164,000 barrels per day.

Strikes and attacks by militants on oil installations have caused a succession of supply problems in the OPEC member country, the world's eighth-biggest oil exporter.

Weakness in the U.S. dollar has also contributed to oil's rise, as this had boosted the price of commodities denominated in the U.S. currency.

(Reporting by Jane Merriman; editing by James Jukwey)
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